NEVADA FIRE CREEK PROJECT NEARS BULK SAMPLING
Fire Creek expected to begin Bulk Sampling Program by end of 2013
Message: $9 Million Bought Deal Private Placement
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Tue Oct 26, 2010 Klondex Mines Announces Terms of $9 Million Bought Deal Private Placement |
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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Vancouver, B.C. - October 26, 2010 - Klondex Mines Ltd. (TSX: KDX) announces that it has agreed upon the terms and pricing for its previously announced marketed private placement with a syndicate of underwriters led by NCP Northland Capital Partners Inc. and including Mackie Research Capital Corporation and Wellington West Capital Markets Inc. The underwriters have agreed to purchase, or find substituted purchasers for, 4,000,000 common shares at a price of $2.25 per share for aggregate gross proceeds of $9 million. Klondex plans to use the net proceeds from the offering for ongoing exploration and site work at its Fire Creek property in Nevada and for general working capital purposes. The private placement is in addition to a previously announced gold-backed debt financing that Klondex is seeking to complete for funding of its contemplated underground program at Fire Creek. The offering is scheduled to close on or about November 10, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities. This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The common shares of Klondex have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. About Klondex Mines (www.klondexmines.com): Klondex Mines Ltd. is focused on the exploration and development of its 100% owned high-grade Fire Creek gold deposit in North Central Nevada. Fire Creek is a compelling, low-Capex mining prospect that is well located near power, transportation, mining infrastructure and several milling facilities. Klondex has identified the following NI 43-101 compliant resource at Fire Creek: Fire Creek -- Indicated and Inferred Resource*
As of March 30, 2009
*The resource is approx. 98.3% gold and 1.7% silver and reflects a cutoff grade of 5 grams per tonne and 60 units of silver equivalent to one unit of gold.
ON BEHALF OF KLONDEX MINES LTD. "William J. Solloway" Chairman and CEO "Blane Wilson" President and COO Investor Contact: Bryson Goodwin Klondex Mines Ltd. brysongoodwin@shaw.ca (604) 341-1531 |
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