TORONTO, ONTARIO--(Marketwire - Feb. 16, 2011) - TriAusMin Limited (TSX:TOR)(News - Market indication) ("TriAusMin" or the "Company") is pleased to announce that it has today completed a private placement to raise C$3.2 million through the issuance of 20 million units ("Units") at a price of C$0.16 per Unit (see news release dated February 7, 2011).
Each Unit consisted of one ordinary share and one subscription receipt (a "Subscription Receipt") which, upon receipt of shareholder approval, will be exchanged at no additional cost for one-half of one ordinary share purchase warrant. Each whole warrant (a "Warrant") will entitle the holder to acquire an additional ordinary share at a price of C$0.25 for a period of 12 months following the date of issuance of the Warrants. If the closing sale price of the Company's ordinary shares on the Toronto Stock Exchange is greater than C$0.40 per share for a period of 20 consecutive trading days at any time following the issuance of the Warrants and June 16, 2011, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof within five trading days of such 20 day period, and in such case the Warrants will expire on the 21st business day after the date on which such notice is given.
An aggregate of C$180,000 was paid to certain registered securities dealers which acted as finders in connection with the private placement, including Sprott Private Wealth LP.
The proceeds of the private placement will be used for the purposes of advancing the Company's Woodlawn Tailings Retreatment Project and to conduct exploration work on the Woodlawn and Lewis Ponds Properties located in the Lachlan Fold Belt of south eastern Australia, and for general corporate purposes.
All securities issued pursuant to the offering will be subject to a four-month hold period from the date of closing. The private placement remains subject to final approval of the TSX and the ASX.
TriAusMin is engaged in the exploration for, and potential development of, base and precious metals deposits located in the Lachlan Fold Belt in New South Wales, Australia. In particular, TriAusMin's exploration projects include large, 100% owned landholdings at Woodlawn, Lewis Ponds as well as other regional exploration properties.
This news release contains forward-looking statements and forward-looking information, which are based on information currently available to the Company, and the Company provides no assurance that actual results will meet management's expectations. Forward-looking information includes estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking information is based on assumptions and addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, the receipt of the requisite regulatory approvals, the receipt of shareholder approval for the issuance of Warrants, and the use or proceeds and future business plans of the Company, could differ materially from those currently anticipated in such information for many reasons such as: the failure to obtain the requisite approvals; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
