Almaden Raises $2.6 Million
03 Dicembre 2009 - 9:34PM
Marketwired
Almaden Minerals Ltd. (TSX: AMM)(NYSE Amex: AAU) has agreed to
raise $2.6 million from a group of strategic investors. Upon
completion of this offering, Almaden will have approximately $13.5
million in cash. Almaden also holds 1,597 ounces of gold in
inventory currently valued at approximately $1.9 million which the
Company produced from its Elk Mine in the 1990s.
The funds will be raised by way of a non-brokered private
placement by the issuance of 3.06 million units ("Units") at $0.85
per Unit. Each Unit will consist of one common share and a half
non-transferable common share purchase warrant ("Warrant"). Each
whole Warrant will allow the holder to purchase one common share
for a period of 24 months at a price of $1.40 per common share. A
finder's fee will be paid on most of the offering of 6% in cash and
8% in finder's warrants to purchase Units.
Almaden will use the funds to strengthen its treasury and for
future prospect generation expenditures, including early stage
exploration on current projects, and for the acquisition of future
projects. The Company has projects in Canada, USA and Mexico that
it is advancing with early stage exploration work. Those projects
that are found to have merit will then be optioned to third parties
for further work.
Morgan J. Poliquin, President and CEO of Almaden noted that, "We
were approached by a small group of strategic investors who plan to
be long term shareholders of the Company and that are excited about
the prospect generation process that Almaden follows. We are
convinced that these investors will support the Company in future
financings and in generating future support for the Company."
On Behalf of the Board of Directors
Morgan J. Poliquin, M.Sc., P.Eng., President, CEO and
Director
Almaden Minerals Ltd.
Statements contained in this news release that are not
historical facts are forward looking statements as that term is
defined in the private securities litigation reform act of 1995.
Such forward -looking statements are subject to risks and
uncertainties which could cause actual results to differ materially
from estimated results. Such risks and uncertainties are detailed
in the Company's filing with the Securities and Exchange
Commission.
Neither the Toronto Stock Exchange (TSX) nor the NYSE Amex have
reviewed or accepted any responsibility for the adequacy or
accuracy of the contents of this news release which has been
prepared by management.
Contacts: Almaden Minerals Ltd. Morgan J. Poliquin, M.Sc.,
P.Eng. President, CEO and Director 604.689.7644 604.689.7645 (FAX)
www.almadenminerals.com
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