Adamera Closes First Tranche of Non-Brokered Private Placement
Vancouver, British Columbia, January 20, 2016 - Adamera Minerals Corp. (TSX-V: ADZ) (the "Company") announces it has closed the first tranche of its non-brokered private placement, for aggregate gross proceeds of $90,000. The Company issued units at $0.025 per unit. Each unit in the private placement is comprised of one common share and one share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.05 for a period of five years.
All securities issued in connection with the financing will be subject to a four-month hold period The Company intends to use the net proceeds from the first tranche of the private placement for general working capital of $82,707 and unpaid wages and expenses of $7,293.
Included in the general working capital is an anticipated monthly expense of office rent, office expenses, audit, filing fees and wages.
Adamera Minerals Corp. is exploring for high-grade gold deposits within hauling distance of the operating Kettle River Mill in Northeastern Washington State. The company's strategy is to fast-track the discovery to production process by exploring close to a mill in need of ore. Adamera is exploring several projects with a goal to become the dominant mining/exploration company in the area through discovery.
On behalf of the Board of Directors,
President & CEO
For additional information please contact:
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. Forwardlooking 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.