SLAM Completes First Tranche of Private Placement
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
FOR IMMEDIATE RELEASE February 10, 2014
Miramichi, New Brunswick - SLAM Exploration Ltd. (TSXV: SXL) (the “Company”) announces it has raised $101,250 by placement of 2,025,000 Units at a price of $0.05 per Unit in the first tranche of the Private Placement announced January 21, 2014. Each Unit (“Unit”) is comprised of one common share in the capital of the Company and one Warrant. Each Warrant entitles the holder thereof to acquire one common share at a price of $0.05 for a period of 12 months and at a price of $0.10 for an additional 12 months thereafter, expiring 24 months after the date of closing. The Units are subject to a four-month and one day hold period from the date of closing.
Insiders subscribed for 600,000 Units for $30,000 including 200,000 Units by a director in the first tranche. In addition, the Company expects to close the final tranche up to $48,750 by placing up to 975,000 Units on or about February 14, 2014. The Private Placement remains subject to the approval of the TSXV. For additional information about this financing call Mike Taylor at 506.627.1353 or toll-free 1.866.523.6719.
The proceeds of the Private Placement will be used for general corporate purposes and/or to fund exploration on the Company's gold and base metal projects in New Brunswick. SLAM’s main corporate goal is to advance the Menneval gold project to the production stage.
About SLAM Exploration Ltd.
SLAM is a mineral resource company focused on development of the bonanza grade Maisie gold zone at its wholly‐owned Menneval project in northwestern New Brunswick. The Company owns the Nepisiguit and Nash Creek silver‐base metal deposits, both NI 43‐101 compliant and located in New Brunswick. The Company also owns a significant gold portfolio in Ontario including the Reserve Creek gold deposit. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.
Certain information in this press release may constitute forward-looking information, including statements that address the Private Placement, the closing of the Private Placement, future production, reserve potential, exploration and development activities and events or developments that the Company expects. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com. 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.
CONTACT INFORMATION:
Corporate Inquiries
Mike Taylor, President & CEO 506.627.1353 Toll Free: 866.523.6719
Info: [email protected]