Vancouver, BC / Adamera Minerals Corp. (TSX V:ADZ) announces that it has arranged a non-brokered private placement of up to 6,285,713 units priced at $0.07 per share, for total gross proceeds of up to $440,000. Each unit will consist of one common share and one share purchase warrant. Each such share purchase warrant will be exercisable into one common share for a period of three years from closing at a price of $0.12 cents per share.
Net proceeds of the offering will be used for exploration activities such as drilling and trenching on the Company's projects and for Company operations.
The private placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the TSX Venture Exchange. All securities to be issued pursuant to the private placement will be subject to a four-month hold period.
In addition, 739,298 common shares to settle outstanding debt have been issued. These securities have a hold period expiring July 12, 2014.
Adamera is exploring for high-grade gold near an operating mill in Washington State owned by Kinross Gold Corp. The mill is reported to be operating at half capacity with ore shipped 70 kilometres from the 1.3 million ounce Buckhorn mine. The Buckhorn mine is a high grade; low cost producer with only 2 years mine-life remaining. Adamera is currently exploring five projects with high-grade gold potential within hauling distance of the Mill.
On behalf of the Board of Directors,
President & CEO
For additional information please contact:
Manager, Corporate Communications
Tel: (604) 484-7120
Fax: (604) 484-7143
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Not for dissemination in the United States or through U.S. newswires
Release ID: 36333