Premium Exploration Announces Non-Brokered Private Placement
2014年2月8日 - 6:00AM
Access Wire
February
7th, 2014,
Coeur
d'Alene, Idaho -
Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current:
PMMEF) ("Premium" or the "Company") is pleased to
announce that it has arranged a non-brokered
private placement (the "Private Placement")
for up to
5,000,000 Units (each a
"Unit") of the Company to raise gross proceeds of $1,000,000 at a
price of $0.20 per Unit.
Each Unit
is comprised of one common share (a "Share") and one-half (1/2) of a common share purchase
warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire
an additional Share of the Company at a price of $0.30 per Share
for a period of 18 months from the date of issuance.
The warrants have a forced exercise clause to the
effect that if the shares trade at greater than $0.60 for 10
consecutive trading days (following the expiry of the hold period),
the Company may, on written notice to the holders of the Warrants,
reduce the exercise period of the Warrants to a date that is not
less than 30 days from the date of the notice.
In
connection with the Private Placement, the Company will issue cash
finder's fees of 8% and 8% finder's warrants, at an exercise price
of $.30 for a period of 18 months (the "Finder's
Warrants"), for units placed by
qualified individuals.
The
Private Placement is subject to final acceptance from the TSX
Venture Exchange and all securities issued will be subject to a
hold period of four months and a day from the date of
Closing.
The net proceeds of the
Private Placement will be for the advancement of the Company's
Idaho Gold Project and for additional working capital.
Premium is
currently in the middle of a 12-hole drill program and has released
all assay and drilling results received to date. No further drill
results have been received. Drill results will be released by the
Company when they have been received and analyzed by the
Company.
About
Premium Exploration Inc.
The Company's purpose is
to efficiently and economically advance their district sized Idaho
Gold Project. The Idaho Gold project contains three known deposits.
The Friday deposit has an NI 43-101 compliant resource of:
Indicated: 647,000 Au
(20.1 MT @ 1.0 g/t Au with 0.45 g/t cut-off)
Inferred: 590,000 Au
(20.9 MT @ 0.88 g/t Au with 0.45 g/t cut-off)
The Deadwood deposit and
the Buffalo Gulch oxide deposit both have small historical gold
resources and both are expandable.
The aim of
the current drill program is to increase the existing Friday Zone
resource base by in-filling and offsetting high-grade intercepts in
both the Upper and Lower Zones. Premium Exploration has commenced a preliminary
economic study envisioning underground mining of the high grade
portion within the Friday deposit.
For More Information Please Contact:
-------------------------------------------------------------------------------------
|Mr. John Ryan, President&CEOPhone:(604)682-0243|Peter J. Kletas, Investor Relations|
|Fax: (604) 682-2499 |Phone: (604) 874-7915-Direct |
|E:jryan@premiumexploration.com |Toll Free: (866) 999-6251 |
|E: info@premiumexploration.com |E:ir@premiumexloration.com |
-------------------------------------------------------------------------------------
This press release
contains certain "Forward-Looking Statements" within the meaning of
Section 21E of the United States Security Exchange Act of 1934, and
involves a number of risks and uncertainties. Important factors
that could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents
filed from time to time under the Company's profile on
www.sedar.com in accordance with
the policies and requirements of the TSX Venture Exchange and
applicable securities law. All statements, other than of historical
fact, included herein are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements. There are no assurances that the Company can
fulfill such Forward-Looking Statements and the Company undertakes
no obligation to update such statements.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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