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Vancouver, British Columbia; Astral Mining Corporation (TSX.V- AST) ("Astral" or the
"Company") is pleased to announce that further to its news
release dated September 27, 2007, it has closed the non-brokered private
placement to the MineralFields Group of 1,000,000 flow-through units
("FT Units") of the Company at a price of $0.50 per unit for total
gross proceeds of $500,000. This financing has been MineralFields' second
$500,000 flow-through financing with Astral this year.
"We are very pleased to be entering into this relationship with
MineralFields Group", said Manfred Kurschner, President of Astral. "This
is an important milestone in the growth of Astral and we look forward to
working with MineralFields Group as we develop our holdings in the Rossland
region of British Columbia."
Each FT Unit consists of one flow-through common share and one-half (1/2)
of one non-transferable share purchase warrant. Each whole share purchase
warrant entitles the holder to purchase one non flow-through common share
of the Company for a term of eighteen (18) months from the date of closing,
at a price of $0.65 per common share. If the closing price of the Company's
common shares on the TSX Venture Exchange, or any other exchange on which
the common shares are then listed, is $1.00 per share or more for twenty
(20) consecutive trading days then the Warrants will expire thirty (30)
days after the Company gives the holder notice of the new expiry date. The
shares and warrants are subject to a hold period expiring February 20,
2008.
The Company has paid a finder's fee to Limited Market Dealer Inc. in cash
equal to 8 per cent of the gross proceeds raised by the financing.
The proceeds will be used for the exploration of Astral's British Columbia properties. Astral has
begun a phase two drill program on the Jumping Josephine ("JJ")
project in the Rossland mining camp. The program will consist of drilling
up to 50 holes on the JJ main zone where the Company has made a high-grade
gold discovery.
Astral Mining Corporation, a member of the Grosso Group, is a
Canadian-based company engaged in the exploration and development of
precious metal properties in North America.
By focusing on exploration in mining-friendly districts, the Company
minimizes the political and social risks encountered in many other parts of
the world. With a new gold discovery at the Company's Jumping Josephine
Gold Project in Southern British Columbia,
an experienced technical team and seasoned management, Astral is poised to
leverage this expertise into early exploration success. Further details on
Astral Mining Corporation and its high-quality portfolio of exploration
projects can be found at www.astralmining.com.
"About MineralFields, Pathway and First Canadian Securities�"
MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to
investors throughout Canada
during most of the calendar year, as well as hard-dollar resource limited
partnerships to investors throughout the world. Pathway Asset Management
also specializes in the manufacturing and distribution of structured
products and mutual funds. Information about the MineralFields Group is
available at www.mineralfields.com. First Canadian Securities� is active
in leading resource financings (both flow-through and hard dollar) on
competitive, effective and service-friendly terms, with investors both
within, and outside of, MineralFields Group.
ON BEHALF OF THE BOARD
Mr. Manfred Kurschner, President & CEO
For further information please contact Manfred Kurschner, President &
CEO, at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email
info@astralmining.com, or visit the Company's web site at
http://www.astralmining.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or the accuracy of this release. Cautionary Note to US
Investors: This news release may contain information about adjacent
properties on which we have no right to explore or mine. We advise U.S.
investors that the SEC's mining guidelines strictly prohibit information of
this type in documents filed with the SEC. U.S. investors are cautioned
that mineral deposits on adjacent properties are not indicative of mineral
deposits on our properties. This news release may contain forward-looking
statements including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore involve
inherent risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements.
2007
Number 26
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