Adamera Minerals Closes Financing
Vancouver, BC, July 2, 2013 - Adamera Minerals Corp. (TSX V:ADZ) announces that it has completed the non-brokered private placement announced on June 11, 2013. The Company has issued 4,754,667 units at $0.06 per unit for total gross proceeds of $285,280. Each unit consists of one common share and one share purchase warrant. Each such common share purchase warrant is exercisable into one common share for a period of four years from closing at a price of $0.10 cents per share until June 28, 2017, however 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. The Company paid a finder's fee of 20,000 common shares in connection with the financing.
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,
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.