Adamera Closes First Tranche of Financing
Vancouver, B.C., June 23, 2020 - Adamera Minerals Corp. (TSX V: ADZ; OTC: DDNFF) announces that is has closed the first tranche of its previously announced non-brokered private placement (the "Private Placement") dated May 28, 2020. In the first tranch the Company has issued a total of 13,750,000 Units for gross proceeds of $687,500. The second tranche is expected to close on or about June 30, 2020.
The terms of the Offering remain as disclosed in the Company’s news release dated May 28, 2020. Each Unit consists of one common share of the Company at a price of $0.05 per share and one‑half of one common share purchase warrant, with each whole warrant being exercisable to purchase one common share of the Company at a price of $0.10 for a term of one year.
The securities issued pursuant to the private placement will be subject to a hold period expiring on October 23, 2020. The Company intends to use the net proceeds from the private placement for corporate operations and exploration on its 100% owned projects in Northeast Washington State.
Finders’ fees amounting to $1,625 were paid in connection with the Private Placement.
Adamera has engaged a partner Hochschild Mining LLC (LSC:HOC) (see news release dated January, 22, 2020) on its Cook Mountain Gold Project. The exploration and drilling program on that project is funded and underway.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the final approval and acceptance by the TSX Venture Exchange.
Adamera Minerals Corp. is exploring for a high-grade gold deposit near Republic Washington. This area has reportedly produced over 7 million ounces of high-grade gold. Adamera is the dominant regional explorer in the area.
On behalf of the Board of Directors,
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.