Adamera Minerals Closes Non-Brokered Financing
Vancouver, British Columbia, May 16, 2016 - Adamera Minerals Corp. (TSX-V: ADZ) announces the closing of the previously announced financing dated January 05, 2016. A total of 15,630,000 units totaling $390,750 at a price of $0.025 per unit were issued. Each $0.025 unit will consist of one common share and one non-transferable share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share exercisable for a period of 5 years following the closing of the private placement at a price of $0.05 per warrant share. Each unit will be subject to a 4 month and 1 day hold period dating September 17, 2016.
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.
The increase will be distributed towards general administration, land holding costs, unpaid wages and exploration.
|General Administration for 9-10 months||$260,750|
|Land holding costs||$25,000|
|Unpaid wages and expenses||$24,000|
Included in the General Administration costs is a monthly expense of $6,000 for wages and consulting fees that may be paid to two related parties. A portion of unpaid wages and expenses will be paid to a related party.
A portion of the financing is subject to an 8% finder's fee payable in cash or shares. Total finder's fees include $11, 600 and 152,000 shares.
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.