Advanced Primary Minerals Corp. Announces Closing of $1M Private Placement Offering
06 August 2010 - 11:41PM
Marketwired
Advanced Primary Minerals Corporation (the "Corporation" or "APM")
(TSX VENTURE: APD) is pleased to announce it has closed the private
placement offering of common shares ("Common Shares") announced on
June 28, 2010 (the "Offering"). APM issued 6,797,997 Common Shares
at $0.15 per Common Share for aggregate gross proceeds of
$1,019,700. Erdene Resource Development Corporation ("ERD") and
directors, officers, employees and consultants of APM subscribed to
an aggregate of 3,321,333 Common Shares or 49% of the Offering.
Ken MacDonald, President and CEO of APM, said "We are very
pleased with the response to our private placement, especially the
overwhelming support from the insiders of the Corporation as
confirmation of the encouraging outlook for the Corporation. We are
now in a position to make the necessary plant modifications to
accommodate new sales commitments and to expand our line of primary
kaolin products from our patent pending DHS process in response to
feedback from prospective customers."
Advanced Primary Minerals operates a newly commissioned kaolin
processing plant in Dearing, Georgia producing performance filler,
glazing and coating products for the ceramics, plastics and
refractory industries as well as other specialty industrial
applications. The Corporation plans to immediately begin a capital
expansion program at its plant in Dearing, Georgia with the
installation of new product silos, bagging and classification
equipment to accommodate increased sales and new product lines. In
addition, work will commence right away on a feasibility program to
evaluate a number of expansion options and to determine the optimal
plan for permitting and development of the Corporation's 330 acre,
high quality primary kaolin resource located in McDuffie County
within eight miles of the Dearing plant.
In connection with the Offering, certain persons ("Finders")
received an aggregate of $30,800 in cash finder's fees and 252,666
warrants ("Finder's Warrants"), with respect to the proceeds raised
from the sale of Common Shares to subscribers introduced by such
Finders. Each Finder's Warrant entitles the holder to subscribe for
one Common Share of the Corporation for $0.15 at any time until
August 4, 2012.
APM is also pleased to announce the closing of its debt
settlement transaction (the "Transaction") with ERD whereby APM
issued 2,527,340 Common Shares in settlement of CAD $379,101 in
existing debt owed by APM to ERD. Following the closing of the
Offering and the Transaction, ERD holds 15,717,748 (59.68%) of the
Corporation's issued and outstanding Common Shares.
All of the securities issued in connection with the Offering and
the Transaction, including those issued to Finders, are subject to
a four month hold period beginning on the date of issue.
About APM
APM, through its wholly owned subsidiary, Advanced Primary
Minerals USA Corp. (formerly Erdene Materials Corp.), operates a
kaolin processing plant in Dearing, Georgia and has been active in
Georgia and South Carolina for over 10 years exploring for,
evaluating, extensively testing and securing high quality primary
kaolin resources. APM has also operated an industrial minerals
laboratory in Eatonton, Georgia since 1998. The Corporation is
targeting value added products that benefit from the unique
attributes of its high quality, primary kaolin resource. Target
markets include ceramics, paper, paint and coatings, plastics,
catalysts and other specialty industrial applications. APM has
26,334,963 shares issued and outstanding and a fully diluted share
position of 28,286,200.
For additional information visit APM's website at
www.advminerals.com or contact the company via email at
info@advminerals.com.
Neither 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: Advanced Primary Minerals Corporation Ken W. MacDonald
President and CEO 902-466-7255
Advanced Primary Minerals Corporation (TSXV:APD)
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