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MacDonald Mines Closes Private Placement
Published : November 23, 2012
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Keywords :   Chrome | Copper | Nickel | Titanium | Vanadium |

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2012) -  

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

MacDonald Mines Exploration Ltd. (the "Company") (News - Market indicators) announces the closing of its over-subscribed brokered private placement offering of securities (the "Offering") raising gross proceeds of $2,822,750 through the sale of flow-through units (the "FT Unit"). Marquest Asset Management Inc. led the syndicate of sub-agents, which included Casimir Capital Ltd. The offering price ("Offering Price") was $0.075 per FT Unit.

Each FT Unit consists of one flow-through common share of the Company and one-half of one common share purchase warrant (the "Warrants"). Each whole Warrant entitles its holder to purchase one non-flow through common share at a price of $0.15 per share for a period of eighteen months from the date of issue of the FT Unit.

In connection with the Offering, the Company paid finders' fees of 6.5% of the gross proceeds raised by the Agent and issued non-transferable compensation options ("Compensation Options") in the amount of 6.5% of the aggregate FT Units raised by the Agent. Each Compensation Option is exercisable to acquire one common share and one half of one common share Warrant at a price of $0.065 per share for a period of eighteen months from the date of issue. Insiders of the Company subscribed for $133,000, on the same terms as arm's length investors.

The net proceeds of the sale of Units will be used to fund exploration programs on its Ontario properties. The next exploration program consisting of approximately 3,000 meters of drilling is scheduled for early 2013 on the Company's Butler property.

All securities to be issued in connection with the Offering are subject to a hold period of four month and one day from the date of issuance. Closing of the Offering is conditional on the receipt of all required regulatory approvals, including the approval of the TSXV. 

About MacDonald Mines Exploration Ltd.

MacDonald Mines is a mineral exploration company with an established exploration history in the Canadian Northlands. MacDonald Mines has set upon a strategic direction of exploration with particular focus on nickel, chrome, copper, zinc, vanadium and titanium in the "Ring of Fire" area of the James Bay Lowlands of Northern Ontario. More detailed information about the Company is available on the website: www.macdonaldmines.com.

Cautionary Statement: We seek safe harbour.



MacDonald Mines Exploration Ltd.
Brent Nykoliation
Vice President of Business Development
(416) 364-4986
(416) 364-2753 (FAX)
bnykoliation@macdonaldmines.com
or
MacDonald Mines Exploration Ltd.
Kirk McKinnon
President & CEO
(416) 364-4986
(416) 364-2753 (FAX)
kmckinnon@macdonaldmines.com
www.macdonaldmines.com
Companies Mentionned : Finders | Macdonald Mines | Strategic |
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MacDonald Mines Exploration Ltd

EXPLORATION STAGE
CODE : BMK.V
ISIN : CA5543243011
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Financings of MacDonald Mines Exploration Ltd
12/27/2012Closes Additional Private Placement Funds
11/23/2012Closes Private Placement
11/8/2012Announces Brokered Private Placement
Nominations of MacDonald Mines Exploration Ltd
10/1/2013Appoints Officers
9/13/2013. Announces Resignation of President and CEO
Project news of MacDonald Mines Exploration Ltd
6/22/2010(Big Mac/macnugget)Releases Final Assays From James Bay; Identifies Fourth Limb...
5/31/2010(Big Mac/macnugget)Discovers Potential New VMS Camp
8/11/2009(Mcfauld's Lake - Macdonald)James Bay Property Status and Exploration Update
4/30/2008 Adds to Land Position in James Bay Lowlands; Additional Air...
3/31/2008(Big Mac/macnugget)2,500 Metre Drill Program Underway on Big Mac Property in Ja...
3/13/2008(Big Mac/macnugget)Defines a 20km-Long Zone with Multiple Magnetic and/or Elect...
2/21/2008(Big Mac/macnugget)Intersects 112 Meters Assaying 0.18% Nickel on James Bay Low...
1/21/2008(Big Mac/macnugget) Completes First Phase of Drill Program at McNugget and Join...
Corporate news of MacDonald Mines Exploration Ltd
8/7/2013Announces Fall Drill Program & Results from Spring Explorati...
7/10/2013Announces Results of Annual General Meeting
5/31/2013Announces Proposed Consolidation and Advance Notice Provisio...
5/31/2013Announces Proposed Consolidation and Advance Notice Provisio...
2/21/2013Commences Drilling in James Bay's Ring of Fire
1/9/2013Readies Drill Program on Butler Property in 'Ring of Fire,' ...
9/12/2012VMS Discovery Leads Exploration Program to Larger Target and...
7/20/2011Announces Results of Annual and Special Meeting of Sharehold...
7/4/2011Closes Private Placement with HudBay Minerals and MineralFie...
6/6/2011Announces VMS Assay Results from Butler Lake Project in Ring...
5/10/2011Completes Winter Program at Butler Lake-Assays Pending; Dril...
3/17/2011Initiates Shareholder Rights Plan
2/16/2011Signs Exploration Agreement with Kasabonika Lake First Natio...
4/9/2009Acquires 100% Interest in Nickel, PGM & Base Metal Property ...
9/22/2008Recommences Drilling Program on 5 Project Areas in Ring of F...
9/9/2008Retains Renmark Financial Communications Inc.
6/19/2008Named to 2008 TSX Venture 50(TM)
5/1/2008 with Co-Discoverer of Voisey’s Bay Adds Key Ground in th...
2/15/2008Announces Agreement with MacDonald Mines Exploration Ltd.
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