Adamera Minerals Closes Private Placement at $710,000
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Vancouver, British Columbia, December 21, 2017 – Adamera Minerals Corp. (TSX-V:ADZ) is pleased to announce the closing of the previously announced financing dated December 4, 2017. The Company increased the private placement from 5 million units originally announced to 7,100,000 units. Each unit is priced at $0.10 and will consist of one common share and one non-transferable warrant, with each warrant entitling the holder to purchase one common share at a price of $0.20 for a period of 1 year until December 20, 2018. The warrants are subject to an accelerated expiry date, which comes into effect when the price of the Company's common shares on the TSX Venture Exchange closes at a price of $0.30 or more per share during any ten consecutive trading day period commencing April 21, 2018. In such an event, the expiry date will be accelerated to a date that is 30 days after the Company's shares trade for ten consecutive days at or above $0.30.
The securities issued pursuant to the private placement will be subject to a four month hold period expiring on April 21, 2018. The Company paid finder's fees under the placement consisting of total cash commissions of $24,300 and the issuance of a total of 243,000 finder warrants. Each finder warrant has the same terms as the warrant in the private placement.
The proceeds of the private placement will be used for exploration and development of the Company's mineral properties, as well as for general working capital.
Adamera Minerals Corp. is exploring for high-grade gold deposits within hauling distance of the Kettle River Mill in Northeastern Washington State. The company's strategy is to fast-track the discovery to production process by exploring close to a mill in need of ore. Adamera is exploring several projects with a goal to become the dominant mining/exploration company in the area through discovery.
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.