Miocene Metals Announces Closing of First Tranche of Private
posted on
Feb 20, 2013 07:52AM
Developing nickel, copper and platinum group element ("PGE") deposits.
Placement Financing
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cnw
TORONTO, Feb. 19, 2013 /CNW/ - Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals") today announced it has closed on the
first tranche of its previously announced hard unit offering (the
"Offering") raising gross proceeds of $140,000 (see press release dated
January 18, 2013 for terms of this private placement). Proceeds raised
from this financing will be used towards funding the general working
capital needs of the Company. Miocene Metals intends on effecting
another closing in early March of this year.
Commenting on the closing today, Alar Soever, the Company's executive
Chairman and CEO stated: "The closing of this type of financing in
today's market is an appreciable event and demonstrates the continued
support of investors in Miocene Metals' on a go forward basis."
The Company also finalized definitive documentation for the extension of
the line of credit provided by its major shareholder, Wallbridge Mining
Company Limited (the terms of which extension were previously disclosed
in the Company's January 18, 2013 press release). This documentation
has been filed on the Company's SEDAR corporate profile page.
The Offering is subject to final approval by the TSX Venture Exchange.
The Company continues in its efforts to secure major partner funding for
its exploration efforts on its British Columbia properties. Large
mineralized porphyry copper-gold alteration systems have been
identified on both the Mackenzie and Rogers Creek properties, and these
properties will be the focus of future exploration programs.
About Miocene Metals Limited
Miocene Metals is focused on the exploration of three 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.
FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking information (including
"forward-looking information" within the meaning of applicable Canadian
Securities legislation and "forward-looking statements" within the
meaning of the US Private Securities Litigation Reform Act of 1995)
that involves substantial known and unknown risks and uncertainties,
most of which are beyond the control of the Company, including, without
limitation, those listed under "Risk Factors" and "Forward-Looking
Statements" in the Company's Final Prospectus and other public filings
(collectively, "forward-looking information"). Forward-looking
information in this news release includes, but is not limited to,
information concerning the Company's expectations regarding the
availability of funding. The Company cautions investors about important
factors that could cause actual results to differ materially from those
projected in any forward-looking statements included in this news
release. Any statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions or future events
or performance are not historical facts and may be forward-looking and
may involve estimates, assumptions and uncertainties which could cause
actual results or outcomes to differ materially from those expressed in
such forward-looking statements. Generally, forward-looking statements
can be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Such statements are based
on assumptions, estimates, forecasts and projections made in light of
the trends, conditions and expected developments that are considered to
be relevant and reasonable in the circumstances at the date that such
statements are made. Forward-looking statements are not guarantees of
future performance and such information is inherently subject to known
and unknown risks, uncertainties and other factors that are difficult
to predict and may be beyond the control of the Company. A number of
factors and assumptions may cause actual results, level of activity,
performance or outcomes of the Company to be materially different from
those expressed or implied by such forward-looking statements.
Consequently, undue reliance should not be placed on such
forward-looking statements. These statements speak only as of the date
of this press release and the Company does not assume any obligation to
update or revise them to reflect new events or circumstances. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, save and except as may be required by
applicable securities laws.
SOURCE: Miocene Metals Limited
For further information:
Please visit the Miocene Metals' website at http://www.miocenemetals.com/">www.miocenemetals.com, or contact:
Miocene Metals Limited Alar Soever, Executive Chairman and CEO 1-705-682-9297 asoever@miocenemetals.com