Miocene Metals Limited announces closing of hard dollar private placement
TORONTO, Aug. 31, 2011 /CNW/ - Miocene Metals Limited (the "Company") (TSXV:MII) is pleased to announce that it has today closed on a hard dollar private placement consisting of units ("Units") in the capital of the Company raising gross proceeds of $100,000 (the "Offering").
Each Unit was issued at a price of $0.36 and is comprised of one common share ("Common Share") and one half of one Common Share purchase warrant ("Warrant") both in the capital of the Company. Each whole Warrant is exercisable into one Common Share at a price of $0.50 per Common Share for a period of 2 years from the closing date of the Offering. The subscription proceeds will be used for general working capital purposes of the Company. No finders or agents were used in connection with the Offering.
Bruce Jago, President and CEO of Miocene Metals commented that "We are very pleased with the continued investor interest in Miocene Metals following closing of the Company's IPO earlier this month. The funds raised in this private placement will provide the Company with additional working capital as we advance the exploration of our BC properties."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of seven porphyry copper-gold-molybdenum properties acquired from Wallbridge in south-western British Columbia within the Miocene-age Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with the Miocene-age porphyry belt that stretches the length of Chile and Argentina in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits including Chuquicamata, El Teniente and Los Bronces.
FORWARD-LOOKING STATEMENTS
This document may contain forward-looking statements relating to Miocene Metals' operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Miocene Metals' control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Miocene Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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