Adamera Minerals Announces Financing
Vancouver, BC, June 11, 2013 - Adamera Minerals Corp. (TSX V:ADZ) announces that it intends to complete a non-brokered private placement of up to 5,000,000 common shares priced at $0.06 per share, for total gross proceeds of up to $300,000. Each unit will consist of one common share and one share purchase warrant. Each such common share purchase warrant will be exercisable into one common share for a period of four years from closing at a price of $0.10 cents per share. Net proceeds of the offering will be used for exploration activities such as drilling and trenching on the Company's projects including the Poland China project in Washington State which recently yielded assays between 4 g/t and 16 g/t gold (See news release dated June 5, 2013).
Forced Exercise Provision: If the closing price for the Company's shares are $0.20 or greater for a period of 10 consecutive trading days, the warrant holders will have 30 days to exercise their warrants; otherwise the warrants will expire on the 31st day.
Finders will be entitled to a commission in the amount of 5.0% of the gross proceeds received from the sale of shares, payable in shares.
The private placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the TSX Venture Exchange. All securities to be issued pursuant to the private placement will be subject to a four-month hold period.
Adamera's strategy in Washington State is to cost effectively discover high-grade gold mineralization within historic mining districts near established infrastructure. Specifically, the company is targeting areas near the Kinross Kettle River Mill. The Kinross mill is reported to be operating at half capacity with ore shipped 70 kilometres from the 1.3 million ounce Buckhorn mine. The Buckhorn mine has only 3-4 years mine life remaining. Average grade of the Buckhorn mine is 11.3 g/t gold and production costs are reported to be between $400 and $500 per ounce. Adamera is determined to discover a high grade gold deposit within shipping distance to the Kinross Mill.
On behalf of the Board of Directors,
President & CEO
For additional information please contact:
Manager, Corporate Communications
Tel: (604) 689-2010
Fax: (604) 484-7143
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.