American Consolidated Closes Private Placement
08 October 2009 - 3:52AM
Marketwired
American Consolidated Minerals Corp. (the "Company") (TSX VENTURE:
AJC) announces it has closed its previously announced non-brokered
private placement, raising over $1 million for the Company. The
offering was over-subscribed and with regulatory acceptance, the
Company issued 21,985,000 Units at a price of $0.05 per Unit for
gross proceeds of $1,099,250.
Each Unit consists of one common share of the Company and one
share purchase warrant, each warrant entitling the holder to
purchase one additional common share of the Company at a price of
$0.10 for a period of two years.
The net proceeds of the private placement will be added to
working capital and will be used to finance the 2009 gold
exploration programs for Toiyabe in the Cortez Trend in Nevada and
the Lone Ranch Project in Washington State.
All of the securities issued pursuant to this offering have a
hold period expiring on February 2, 2010.
An aggregate of $54,425 was paid as finder's fees to various
firms with 2,177,000 warrants issued exercisable at $0.10 over a
period of twelve months.
American Consolidated is dedicated to the principles of
environmentally sound mining practices and believes that
environmental stewardship and mining can co-exist.
For details on the Company and its properties, visit the
Company's website at www.americanconsolidatedminerals.com.
ON BEHALF OF THE BOARD:
Al Fabbro, President & Director
Neither the 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.
Contacts: American Consolidated Minerals Corporation Al Fabbro
1-604-602-4935 or Toll Free: 1-866-602-4935 1-604-602-4936 (FAX)
www.americanconsolidatedminerals.com
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