Anaconda Closes $2 Million Private Placement
15 Mayo 2008 - 8:00AM
Marketwired
TORONTO, ONTARIO (TSX: ANX), is pleased to announce that it has
closed a non-brokered private placement of 2,000,000 units
("Units") of the Company at a price of $1.00 per Unit for gross
proceeds of $2 million.
Each Unit consists of one common share (a "Common Share") of the
Company and one-half of one common share purchase warrant. Each
whole common share purchase warrant (a "Warrant") will entitle the
holder to purchase one Common Share at an exercise price of $1.25
per share, for a period of 18 months following the date of closing
of the private placement ("Closing Date").
Each Warrant is subject to an acceleration right of the Company.
In the event the closing price of the Common Shares of the Company
trading on the TSX (or any other stock exchange on which the Common
Shares are then traded) is at least $2.50 per share for a period of
not less than ten (10) consecutive trading days commencing after
the Closing Date, the Company may accelerate the expiry date of the
Warrants. The Company must provide notice to the Warrant holders
within five (5) trading days immediately following this ten day
trading period, in which case all unexercised Warrants will expire
no less than twenty (20) trading days following the notice given by
the Company.
The Common Shares and Warrants forming the Units, as well as any
Common Shares issued upon exercise of the Warrants prior to
September 15, 2008 are subject to a four month hold period from the
Closing Date.
The proceeds of the placement will be used to advance the San
Gabriel Iron Project and for general working capital purposes. The
Company paid an aggregate of $74,750 in cash to certain registrants
as a finder's fee related to the private placement.
The Toronto Stock Exchange ("TSX") has conditionally approved
the listing of the common shares issuable pursuant to the private
placement. Listing is subject to the Company fulfilling all of the
requirements of the TSX.
About Anaconda
Anaconda is a Toronto, Canada based mining company with a
portfolio of advanced-stage exploration projects in Canada and
South America. The Company's Pine Cove gold mine in Newfoundland
and Labrador commenced production in May 2008.
The Company is presently focused on the San Gabriel Iron Project
in Chile where it has identified several zones of magnetite-iron
mineralization. The Project is advantageously located close to
road, rail, power and deep-sea port facilities. The Company plans
to continue to aggressively explore San Gabriel to evaluate its
potential to host economic concentrations of iron mineralization.
The Company is actively pursuing new opportunities to compliment
its existing portfolio.
Certain statements contained herein constitute "forward-looking
statements". These forward-looking statements are based on current
expectations. The nature, timing and extent of the exploration
programs at the San Gabriel Iron Project may materially change from
current intentions for a number of reasons. Additionally,
forward-looking statements look into the future and provide an
opinion as to the effect of certain events and trends on the
business. Forward-looking statements may include words such as
"plans," "may," "estimates," "expects," "indicates," "targeting,"
"potential" and similar expressions. These forward-looking
statements, including statements regarding the Company's beliefs in
the potential mineralization, are based on current expectations and
entail various risks and uncertainties. Actual results may
materially differ from expectations as more information regarding
the property is gathered or if known and unknown risks or
uncertainties affect the Company's business, or if the Company's
estimates or assumptions prove inaccurate. The Company assumes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or any other
reason.
Contacts: Anaconda Mining Inc. Lew Lawrick President and CEO
(416) 864-3357 Email: llawrick@anacondamining.com Anaconda Mining
Inc. Belinda Labatte Investor Relations (416) 726-4403 Email:
info@anacondamining.com Website: www.anacondamining.com
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