Miocene Metals Announces Non-Brokered Private Placement
15 Aprile 2012 - 12:29AM
PR Newswire (Canada)
TORONTO, April 18, 2012 /CNW/ - Miocene Metals Limited (the
"Company" or "Miocene Metals") announces today its intention to
complete a non-brokered private placement to raise gross proceeds
totaling up to $2,300,000 to fund exploration on the Company's
British Columbia copper-gold porphyry properties and general
working capital. The Offering will consist of: (i) up to 7,000,000
Flow-Through Units, with each Flow-Through Unit comprised of one
(1) flow-through common share ("Flow-Through Share") of the
Corporation and one-half of one common share purchase warrant (each
whole warrant a "Warrant"), and (ii) up to 10,000,000 Hard Units,
with each Hard Unit comprised of one (1) non-flow-through common
share of the Corporation and one Warrant. Each Flow-Through Unit is
priced at $0.15 and each Hard Unit is priced at $0.125. Each
Warrant will entitle the holder thereof to purchase one common
share of the Corporation at a price of C$0.20 at any time prior to
5:00 p.m. (Toronto time) on the date that is 24 months after the
Closing Date (as defined below). The proceeds received by the
Corporation from the sale of the Flow-Through Shares shall be used
to fund exploration expenditures on the Corporation's British
Columbia mineral projects and in that connection, will be used to
incur eligible Canadian exploration expenses ("CEE") that qualify
as Canadian exploration expenses and "flow-through mining
expenditures" for purposes of the Income Tax Act (Canada) which
will be renounced in favour of the holders of Flow-Through Shares
with an effective date of no later than December 31, 2012. The
proceeds received by the Corporation from the Warrant portion of
the sale of Flow-Through Units and the proceeds of the sale of the
Hard Units will be used for general working capital purposes. The
securities comprised within the Flow-Through Units and the Hard
Units will be subject to a hold period of four months and one day
from the Closing Date in the Offering Jurisdictions. The Offering
jurisdictions (the "Offering Jurisdictions") for the Offering will
be the Provinces of British Columbia, Alberta, Ontario, and Quebec.
Payment for and delivery of the Flow-Through Units and the Hard
Units shall be made on or before the Closing Date (herein the
"Closing Date") May 31, 2012, or such other date as may be decided
by the Corporation. The Offering is subject to TSX Venture Exchange
approval. About Miocene Metals Limited Miocene Metals is focused on
the exploration and development of six porphyry
copper-gold-molybdenum properties in south-western British Columbia
that occur within the Tertiary-aged Cascade Magmatic Arc. The
Cascade Arc shares many geological characteristics with
Tertiary-age porphyry belts that stretch the length of Chile and
Peru in South America and hosts some of the world's largest
porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc
hosts a number of significant porphyry Cu-Au and Mo deposits in
Washington State, and Alaska (Glacier Peak and Margaret, and Quartz
Hill respectively) but remains largely unexplored in British
Columbia. Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.
Miocene Metals Limited CONTACT: Please visit the Miocene Metal's
website atwww.miocenemetals.com, orcontact:Bruce C. Jago, Ph.D.,
P.GeoPresident and CEO of Miocene Metals Limited(604) 654-2581
orbjago@miocenemetals.comMiranda BerukoffVice-President Investor
Relations(604) 654-2585 ormberukoff@miocenemetals.com
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