Almaden Minerals Ltd. Announces Closing of Private Placement and Provides Exploration Update
05 Luglio 2010 - 9:35PM
Marketwired
Almaden Minerals Ltd. (the "Company") (TSX: AMM)(NYSE Amex: AAU)
announces that it has closed a Private Placement of 1,003,821
Common Shares at a price of $1.20 per Share. The hold period on the
securities expires on October 30, 2010.
Cash commissions totalling $60,000 was paid with regards to
833,331 flow through shares issued to certain MineralFields Super
flow through funds together with 49,997 Finder's Warrants entitling
the holders to purchase for a period ending June 29, 2011 up to
49,497 Common Shares at a price of $1.20 per share. A cash
commission of $5976 was also paid with regards to the subscription
of an additional 83,000 flow through Common Shares. An additional
2,490 flow through Common Shares were purchased by a non-insider
and Insiders of the Company purchased an additional 85,000 flow
through Common Shares with respect to which purchases no commission
was paid. The Placement closed June 29, 2010.
The funds generated from the placement are to be used by the
Company for continued exploration on the Company's Elk property and
any remainder will be spent on BC properties. Work has commenced on
the Elk property with the construction of a new camp and the
commencement of diamond drilling operations.
The Company also has initiated diamond drilling on its wholly
owned Tuligtic property in Mexico. This program will test several
epithermal vein targets. The first whole was lost in deep
overburden however the second hole has intersected multiple banded
quartz-adularia-rhodochrosite-sulphide veins which will be sampled
and submitted for analytical analysis in accordance with National
Instrument 43-101 procedures.
Morgan J. Poliquin, P. Eng., the President and CEO of Almaden
and a qualified person under the meaning of National Instrument
43-101 reviewed the technical information in this news release.
On Behalf of the Board of Directors
Duane Poliquin, Chairman 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. Duane Poliquin Chairman and
Director 604.689.7644 604.689.7645 (FAX)
www.almadenminerals.com
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