Premium Announces $1.1 Million Non-Brokered Private Placement
24 October 2013 - 8:33AM
Access Wire
October 23, 2013, Vancouver, British Columbia -
Premium Exploration Inc. (TSXV: PEM; OTC Pink Current:
PMMEF) ("Premium" or the
"Company") is pleased to announce, further to a
Price Reservation Form filed with the TSX Venture Exchange on
October 8, 2013, that it has arranged a non-brokered private
placement (the "Private
Placement") for up to 22,000,000 units (each
a "Unit") of the Company to raise gross proceeds of $1,100,000 at a
price of $0.05 per Unit.
Each Unit
is comprised of one common share (a "Share") and one common
share purchase warrant (a "Warrant"). Each Warrant
entitles the holder to acquire an additional Share of the Company
at a price of $0.15 per Share for a period of 3 years from the date
of issuance.
In
connection with the Private Placement, the Company will issue cash
finder's fees of 9% and 9% finder's warrants, at an exercise price
of $.15 for a period of 3 years (the "Finder's Warrants"), for
units placed by qualified individuals.
The Units
and Finder's Warrants issued under the Private Placement will be
subject to a four-month hold period from the date of issuance, and
the Private Placement is subject to final acceptance from the TSX
Venture Exchange.
The net proceeds of
the Private Placement will be for the advancement of the Company's
Idaho Gold Project and for additional working capital.
About Premium
Exploration Inc.
Premium is focused on
gold exploration at its district-sized land package along the Oro Grande
Shear Zone (the "OSZ") in
North-Central Idaho,
USA. The OSZ is a 30+ km regionally significant trending structure
with multiple known zones of gold mineralization and, similar to
many large productive gold belts, such as Carlin Trend in Nevada.
Premium has a proven exploration strategy, 30 km of
drill-ready targets,
and is well positioned to create shareholder value through
exploration and development of this emerging gold district. For
additional information, please visit us at
www.premiumexploration.com.
For more information,
please contact:
Mr. John Ryan, President & Chief
Executive Officer
Premium Exploration Inc.
P: (208)
769-3519
E:
jryan@premiumexploration.com
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.
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