Adamera Minerals Closes Financing
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Vancouver, British Columbia, July 2, 2020 - Adamera Minerals Corp. (TSX-V:ADZ) is pleased to announce that the Company has closed the second and final tranche of its previously announced non-brokered private placement (see news release dated May, 28, 2020 and June 23, 2020). For the two tranches the Company issued a total of 22,800,000 units at $0.05 for a total of $1,140,000. Each unit consists of one share and one-half of one warrant, with each full warrant exercisable at $0.10 for a period of one year from closing.
The securities issued pursuant to the second tranche of the private placement will be subject to a four month hold period ending November 3, 2020. The Company paid Finders Fees amounting to $1,625 in connection with the private placement, subject to compliance with the policies of the Exchange. Completion of the private placement and the payment of any finders' fee remain subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange. Insiders participated a total of $300,000 in this private placement.
The Company intends to use the net proceeds from the private placement for operations and exploration.
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
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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.