Matamec Explorations Inc. ("Matamec" or the "Company") (TSX VENTURE:MAT - News) announces the
completion of a private placement of units and flow-through shares for gross
proceeds of $1,150,000 with various purchasers among which figured various
Quebec institutional funds. In total, the Company issued 2,850,000 units at a
price of $0.40 per unit and 20,000 flow-through shares at a price of $0.50
per share. Each unit is comprised of one common share and one-half of one
share purchase warrant, each whole warrant entitling the holder thereof the
right to purchase an additional common share of the Company at a price of
$0.50 per share for a period of 18 months ending on June 23, 2012. The
securities issued under the private placement are subject to a four (4) month
hold period ending on April 23, 2011.
The proceeds of the offering will be
used by the Company for exploration work on the Zeus rare
earths-yttrium-zirconium-niobium-tantalum property. Besides definition
drilling of the heavy rare earths-yttrium-zirconium Kipawa
deposit already outlined, exploration drilling will be conducted along the
deposit's lateral extensions as well as at depth. A portion of Zeus' budget
will be allocated for defining the other showings identified elsewhere on the
property as well as mapping and prospecting the entire Kipawa
alkaline complex in order to find other mineralization similar to the
deposit. Furthermore, this budget will contribute to accelerate the
metallurgical testing to finalize the process diagram that will permit the
completion of the preliminary economic assessment (PEA) study.
About Matamec
Other than its focus on the development
of the Kipawa deposit and exploration for other
showings of rare earths-yttrium-zirconium-niobium-tantalum on its Zeus
property, Matamec's exploration strategy is to
discover gold deposits, base metals and platinum group, as well as rare metals.
For gold, the company explores in the
prolific mining camp of Timmins, Ontario, of which the main target is the
Matheson JV with Goldcorp Canada Ltd. and Goldcorp Inc.
In Quebec, the Company is exploring for
lithium and tantalum on its Tansim property and for
precious and base metals on its Sakami, Valmont and Vulcain
properties. As well, it is exploring for gold together with Northern Superior
Resources Inc. on the Lesperance/Wachigabau property.
"Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release."
Contact:
Andre Gauthier
Matamec Explorations Inc.
President
514-844-5252
514-844-0550 (FAX)
info@matamec.com
www.matamec.com |