Adamera Minerals Completes Financing and Prepares for Exploration Program
February 14, 2014 (Source: Accesswire) — Adamera Minerals Corp. (TSX V:ADZ) is pleased to announce it has received final TSX Venture Exchange acceptance and has now closed its non-brokered private placement offering of $0.06 units, which was originally announced January 24, 2014 news release and increased as announced in its February 11, 2014 release.
The total number of securities issued in the financing consists of 6,666,666 Units, raising CDN $400,000.00.
Each Unit consists of one common share and one share purchase warrant (“Warrant”). Each Warrant is exercisable into one additional common share at a price of $0.10 per share for a period of two years, expiring February 14, 2016.
A total of 62,500 common shares were paid to finders in relation to the financing.
All securities issued by the Company in connection with the private placement are subject to a statutory hold period and may not be traded until June 15, 2014.
Net proceeds of the offering will be used for exploration activities on the Company’s Washington State projects and for company operations. Specifically, Adamera intends to drill targets on 4 of its 5 key projects in Washington State with these funds.
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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
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.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>