Forced Exercise Provision Triggered on Adamera Warrants, Possible Cash Proceeds of +$1.1 million
VANCOUVER, BRITISH COLUMBIA- May 12, 2017 - Adamera Minerals Corp (TSX-V: ADZ, OTC: DDNFF) announces that warrant holders of common share purchase warrants dated December 20, 2017 with an exercise price of $0.10 are now subject to a 30-day forced exercise provision as the Company's closing share price met or exceeded $0.20 for 10 consecutive trading days.
The warrant holders have 30 days from the date of this news release to exercise their warrants with an end date of June 10, 2017, otherwise the warrants will expire on the 31st day. Adamera requires a completed Election to Exercise form with registration and delivery instructions as well as payment for the Warrants to be exercised by 4 p.m. PT on June 10, 2017.
A total of 7,506,900 unexercised warrants dated Dec 20, 2017 remain. If all warrants are exercised, cash proceeds would total $750,690.
"The early exercise of warrants by warrant holders is greatly appreciated by the Company. The exercise of these warrants will significantly increase Adamera's treasury in a less-dilutive manner than a new financing. The additional funds will allow us to drill test many more targets on our Cooke Mountain project in Washington State," says Mark Kolebaba, President and CEO of Adamera Minerals Corp.
In addition, 3,858,000 unexercised warrants dated June 28, 2017 with an exercise price of $0.10 are also subject to a 30-day forced exercise provision with an end date of June 9, 2017. If all June 28, 2017 warrants are exercised, cash proceeds would total $385,800. Approximately 3,400,000 of these warrants are held by insiders.
The anticipated use of proceeds resulting from the exercise of these warrants includes a phase 2 drill program and general working capital. The current exploration plan includes phase 1 drilling of 3000 m, collection of approximately 8000 soil samples, ground geophysical surveying and detailed geological mapping.
Warrant holders are requested to refer to their Warrant Certificates for the detailed exercise requirements. For additional information please call Kieran at (604) 283-2342.
Adamera Minerals Corp. is exploring for high-grade gold deposits within hauling distance of the operating Kettle River Mill in Northeastern Washington State. While the existing third-party mill and superior logistics allow a smaller resource to be potentially economic, Adamera's primary goal is the discovery of a large stand-alone high-grade gold deposit. Adamera is the dominant regional exploration company in the area.
On behalf of the Board of Directors,
President & CEO
For additional information please contact:
Tel: (604) 689-2010
Fax: (604) 484-7143
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.