Sniper Update: Private placement, Consolidation, Drilling Planned
14 Juni 2013 - 11:15PM
Access Wire
Vancouver, British Columbia, June
14, 2013 - Scott Baxter, President and CEO of Sniper Resources Ltd.
(TSX-V: SIP) ("Sniper" or the "Company") is pleased to
announce:
Private
Placement
Sniper is proceeding with a
non-brokered private placement of up to C$600,000 comprised of up
to 12,000,000 units at a price of $0.05 per unit. Each unit will be
comprised of one common share and one share purchase warrant, with
each share purchase warrant exercisable for a total term of five
years at an exercise price of $0.10 per Warrant Share during the
first two (2) years and at an exercise price of $0.25 per Warrant
Share for the subsequent three (3) years.
The net proceeds from the private
placement will be used for continued exploration on Sniper's Weepah
Gold Project in Nevada. The placement is subject to regulatory
approval. The directors of the company may participate in this
placement. Commissions and/or finders' fees may be paid in
connection with this placement.
Consolidation of
Issued Capital
After seeking advice
from advisory from with the financial community and following
consultations with Sniper's major shareholders management has
reached the conclusion and taken the decision that there
will not
be any consolidation of Sniper's issued capital in
the foreseeable future.
Commentary
"In spite
of the difficult financial markets faced by junior explorers, I
have yet to hear any compelling case for consolidating our issued
capital" said Sniper President and CEO Scott Baxter. "Sniper's gold
exploration properties in Nevada have the same exciting potential
for future discovery and development that they have always had, and
it is not acceptable to me, either as a shareholder or as part of
Sniper's management team, to rollback shareholders just out of
expediency. Therefore, there will be no
consolidation of Sniper's issued capital in the foreseeable future. Like you, I have never
experienced a time when exploration financing was so difficult to
obtain but, in my view, this confronts
junior exploration companies with a stark but simple
choice: they can hibernate and hope they survive to wake up after
the fiscal winter, or they can carry on in the face of financial
adversity. I want Sniper to carry on, so we are proceeding with a
private placement and are putting plans in place for a late summer
drill program on the Weepah Gold Property. Our senior shareholders have indicated a commitment this plan
and I expect that management will subscribe for between 25 and 50%
of the total amount of the financing. I believe that the path
forward for Sniper is to stick with what we do...we explore for
gold. The company will not advance by sitting idly by hoping for
better times. What will make tomorrow better for all of our
shareholders is exploration and discovery, so that is what I
propose to do!"
About
Sniper Resources Ltd.
Sniper Resources Ltd. is engaged in
the identification, acquisition and exploration of gold properties
in the State of Nevada, USA. Sniper owns a 100% interest in the
Laura and ReHot properties and holds options to earn a controlling
interest in two additional strategically located gold projects, the
Overland Pass and Weepah properties, all in Nevada.
For further information about Sniper
Resources and its Nevada projects please contact Mr. Scott Baxter,
President and CEO at (604) 263-5614 or via email
scottbax@telus.net.
To subscribe to Sniper's newsletter, The
Sniper News, email us at infoatsniperresources@gmail.com
Please visit the
Sniper Resources Ltd. website at www.sniperresources.com
-----------------------------------------
| Sniper Resources Ltd. "Scott | |
|Baxter" Scott Baxter President and | |
|CEO SNIPER RESOURCES LTD. 3374 | |
|West 19 th Avenue Vancouver, British| |
|Columbia V6S 1C2 Telephone: (604) | |
|263-5614 Toll Free: 1-888-737-2454 | |
| | |
-----------------------------------------
This press
release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
exploration drilling, exploration activities and events or
developments that the Company expects, are forward-looking
statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
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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