Adamera Minerals Increases and Closes Private Placement
Vancouver, British Columbia, November 20, 2018 – Adamera Minerals Corp. (TSX-V:ADZ) announces the closing of the financing announced November 1, 2018. The Company increased the private placement from 4,000,000 million units for $200,000 originally announced to 7,315,000 units for $365,750. Each unit is priced at $0.05 and will consist of one common share and one non-transferable warrant, with each warrant entitling the holder to purchase one common share at a price of $0.10 for a period of 1 year until November 19, 2019.
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 March 20, 2019. In such an event, the expiry date will be accelerated to a date that is 30 days after the Company's shares trade for ten consecutive days at or above $0.20.
The securities issued pursuant to the private placement will be subject to a four month hold period expiring on March 19, 2019. The Company paid finder's fees under the placement consisting of total cash commissions of $3,750 and 75,000 finders warrants. Each finders warrant is exercisable into one share at $0.10 for 12 months and are subject to the same accelerated terms and expiry date. Insiders subscribed for 700,000 units for proceeds of $35,000.
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.
Please visit our website for our latest corporate projects at www.adamera.com
Adamera Minerals Corp. is exploring for a stand-alone high-grade gold deposit within hauling distance of an existing mill near Republic Washington. This area has reportedly produced over 6 million ounces of high-grade gold. Adamera is the dominant regional explorer in the area.
On behalf of the Board of Directors,
President & CEO
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.