 | | | Published : September 21st, 2007 | To Raise $500,000 |
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| | | Thursday, September 20, 2007
Astral Mining Corporation to Raise $500,000
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Vancouver, British Columbia; Astral Mining Corporation (TSX-V AST) Astral has arranged a non-brokered flow-through private placement of 1,000,000 units priced at $0.50 per unit to raise C$500,000. Subscribers will include directors and officers of the Astral. Each unit will consist of one flow-through common share and one-half of one non-flow-through share purchase warrant. Each full share purchase warrant will entitle the holder to purchase one non-flow-through common share of the Company for 18 months from the closing date at a price of $0.65 per common share. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date. The warrants are subject to an acceleration clause such that if, during the term of the warrants but after the expiry of the four-month hold period, the closing price of the Company's shares remains at or above a price of $1.00 for each of 30 consecutive trading days, the Company may give notice to the purchasers that the warrants will expire in 20 days unless the warrants are exercised within that time.
The Company may pay certain finder's fees in cash equal to 8 per cent of the gross proceeds raised from purchasers introduced to the Company by the finder. The private placement and payment of any finder's fees are subject to acceptance by the TSX Venture Exchange.
The net proceeds will be used to fund exploration work on Astral's high-potential British Columbian base and precious metals properties. In September,2007 the Company began a phase 2 drill program on the 11,785 hectare Jumping Josephine (JJ) gold project in the West Kootenay region of southern British Columbia, where Astral is a earning 60% interest from Kootenay Gold. In late 2006 the Company announced trenching results of 31.19 grams per ton (g/t) gold over 7 metres (m), including 133.91 g/t gold over 1m, from trenching on the JJ Main Zone (December 14, 2006 Astral News Release). Astral will be drilling up to 50 holes on the "JJ" main discovery zone in the phase 2 drill program.
Astral Mining Corporation, managed by the Grosso Group, is a Canadian-based company engaged in the exploration and development of precious mineral 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.
ON BEHALF OF THE BOARD
"Manfred Kurschner"
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 22
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