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TORONTO, Oct. 30, 2017 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (TSX: ANX) is pleased to announce
that, due to strong demand from investors, it will be increasing
the size of its non-brokered private placement (the "Offering")
previously announced on October 20,
2017. The Offering will now consist of up to 25,812,500
common shares, which qualify as "flow-through shares" within the
meaning of the Income Tax Act (Canada), ("FT Shares") at a price of
$0.08 per FT Share, and up to
14,388,424 units of the Company (the "Units") at a price of
$0.065 per Unit, for aggregate gross
proceeds of up to $3,000,248.
All other terms of the Offering will remain as previously
announced. The Offering is expected to close on or about
October 31, 2017 and remains subject
to certain conditions, including, but not limited to, the approval
of the Toronto Stock Exchange.
"Despite the generally challenging capital markets environment
for Canadian junior resource companies, we are pleased that we
continue to be well supported by our existing shareholder base and
were able to attract new retail and institutional investors into
our flow-through share offering. This financing will allow us
to continue to invest in exploration and development initiatives at
the Goldboro and Point Rousse
Projects, which will enable us to demonstrate to the market the
mineral resource and production growth potential of both
projects."
~ Dustin Angelo, President and
CEO
ABOUT ANACONDA
Anaconda Mining is a TSX-listed gold mining, exploration and
development company, focused in the prospective Atlantic Canadian
jurisdictions of Newfoundland and
Nova Scotia. The Company operates
the Point Rousse Project located in the Baie Verte Mining District
in Newfoundland, comprised of the
Pine Cove open pit mine, the fully-permitted Pine Cove Mill and
tailings facility, the Stog'er Tight deposit, a new discovery
called Argyle, and approximately 5,800 hectares of prospective
gold-bearing property. Anaconda is also developing the recently
acquired Goldboro Project in Nova
Scotia, a high-grade Mineral Resource, with the potential to
leverage existing infrastructure at the Company's Point Rousse
Project.
The Company also has a pipeline of organic growth opportunities,
including the Viking and Great Northern Projects on the Northern
Peninsula and the Tilt Cove Property on the Baie Verte Peninsula.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
information with respect to the Offering and Toronto Stock Exchange
acceptance. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects", or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"does not anticipate", or "believes" or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might", or "will be taken", "occur", or "be
achieved". Forward-looking information is based on the opinions and
estimates of management at the date the information is made, and is
based on a number of assumptions and is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Anaconda to be materially different from those expressed or implied
by such forward-looking information, including risks associated
with the exploration, development and mining such as economic
factors as they effect exploration, future commodity prices,
changes in foreign exchange and interest rates, actual results of
current production, development and exploration activities,
government regulation, political or economic developments,
environmental risks, permitting timelines, capital expenditures,
operating or technical difficulties in connection with development
activities, employee relations, the speculative nature of gold
exploration and development, including the risks of diminishing
quantities of grades of resources, contests over title to
properties, and changes in project parameters as plans continue to
be refined as well as those risk factors discussed in Anaconda's
annual information form for the year ended May 31, 2017, available on
www.sedar.com. Although Anaconda has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. Anaconda does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.