Adamera Minerals Closes Non-Brokered Financing
Vancouver, British Columbia, June 20, 2016 - Adamera Minerals Corp. (TSX-V: ADZ) announces the closing of the previously announced financing dated June 15, 2016. A total of 12,000,000 units totaling $600,000 at a price of $0.05 per unit were issued. Each $0.05 unit will consist of one common share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one common share at a price of $0.10 for a period of 18 months following the closing date. The warrants are subject to an accelerated expiry date, which comes into effect when the price of the Company's common shares on the TSX Venture Exchange closes at a price of $0.20 or more per share during any ten consecutive trading day period, commencing four months plus one day after the date of issuance of the warrants. In such an event, the expiry date will be accelerated to a date that is 30 days after Adamera issues a news release announcing it has elected to exercise this acceleration right.
The securities issued pursuant to the private placement will be subject to a 4 month and 1 day hold period dating October 21, 2016. The proceeds of the private placement will be used for exploration and development of the Company's mineral properties, as well as for general working capital purposes.
The Company paid finder's fees under the placement consisting of total cash commissions of $30,300 and the issuance of a total of 720,000 finder warrants. Each finder warrant entitles the holder to purchase one common share of the Company at a price of $0.10 per common share for a period of 18 months.
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. 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.