Premium Closes $1.1 Million Non-Brokered Private Placement
22 November 2013 - 8:11PM
Access Wire
November 22, 2013, Vancouver, British Columbia
- Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current:
PMMEF) ("Premium" or the
"Company") is pleased
to announce that it has closed its non-brokered private placement
(the "Financing"), after receiving
final approval from the TSX Venture Exchange. In connection with
the Financing, the Company has issued 22,000,000 units at a price
of $0.05 per unit for gross proceeds of $1,100,000. Each unit is
comprised of one common share (a "Share") and one common share
purchase warrant (a "Warrant"), each a "Unit"). Each
Warrant entitles the holder to acquire an additional Share of the
Company at a price of $0.15 per Share for a period of 3 years from
the date of issuance.
In
connection with the Financing, the Company will pay cash finder's
fees of 9% and 9% finder's warrants, at an exercise price of $.15
for a period of 3 years (the "Finder's Warrants"), as follows:
$28,890 and 579,600 finder's warrants are payable to Jackson
Bennett LLC; and $40,410 and 808,200 finder's warrants are payable
to Blue Creek Capital Corp.
The
Units and Finder's Warrants issued in connection with the Financing
will be subject to a four-month hold period from the date of
issuance. The net proceeds of the Private Placement will be used
for the advancement of the Company's Idaho Gold Project and for
additional working capital.
About Premium Exploration
Inc.
Premium is focused on gold
exploration at its district-sized land
package along the Oro Grande Shear Zone (the "OSZ") in
North-Central Idaho, USA. The OSZ is a
30+ km regionally significant trending structure with multiple
known zones of gold mineralization and, similar to many large
productive gold belts, such as Carlin Trend in Nevada. Premium has
a proven exploration strategy, 30 km of
drill-ready targets, and is well
positioned to create shareholder value through exploration and
development of this emerging gold district. For additional
information, please visit us at
www.premiumexploration.com.
For more information, please
contact:
Mr. John Ryan, President & Chief Executive
Officer
Premium Exploration Inc.
P: (208) 769-3519
E: jryan@premiumexploration.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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