Premium Announces Repricing of Private Placement
08 March 2014 - 7:59AM
Access Wire
Vancouver, BC / ACCESSWIRE / Mar 7 2014 -
Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current:
PMMEF) ("Premium" or the
"Company") announces
that further to its news release of February 7, 2014 (the "News
Release"), the Company has re-priced its non-brokered private
placement (the "Offering") of up to 5,000,000 units (the "Units")
at $0.20 per Unit for gross proceeds of up to $1,000,000. Each Unit
is comprised of one common share of the Company (a "Share") and
one-half of one common share purchase warrant (each whole common
share purchase warrant, a "Warrant"). Each whole Warrant would have
entitled the holder to purchase a Share at a price of $0.30 for a
period of 18 months from the date of issuance. Pursuant to the
re-pricing, the total number of Units to be issued in connection
with the Offering has been increased to up to 6,666,667 Units, and
the subscription price of the Units has been reduced to $0.15. The
Unit will now include a full Warrant with an exercise price that
has been reduced to $0.25. The Warrants have a forced exercise
clause to the effect that if the shares trade at greater than $0.60
for 10 consecutive trading days (following the expiry of the hold
period), the Company may, on written notice to the holders of the
Warrants, reduce the exercise period of the Warrants to a date that
is not less than 30 days from the date of the notice.
In connection with
the Private Placement, the Company will issue cash finder's fees of
8% and 8% finder's warrants, at an exercise price of $0.25 for a
period of 18 months (the "Finder's Warrants"), for units placed by
qualified individuals.
The Private
Placement is subject to final acceptance from the TSX Venture
Exchange and all securities issued will be subject to a hold period
of four months and a day from the date of Closing.
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.
The Company's purpose is to
efficiently and economically advance their district sized Idaho
Gold Project. The Idaho Gold project contains three known deposits.
The Friday deposit has an NI 43-101
compliant resource of:
Indicated: 647,000 Au (20.1 MT
@ 1.0 g/t Au with 0.45 g/t
cut-off)
Inferred: 590,000 Au (20.9 MT
@ 0.88 g/t Au with 0.45 g/t
cut-off)
The Deadwood deposit and the
Buffalo Gulch oxide deposit both have small historical gold
resources and both are expandable. Premium Exploration has
commenced a preliminary economic study envisioning underground
mining of a high grade portion of the Friday deposit.
For more information, please
contact:
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|Mr. John Ryan | President&CEO |Peter J. Kletas | Investor Relations|
|P: (604) 682‐0243 |866‐999‐6251‐Toll Free |
|Fax: (604) 682‐2499 |604‐874‐7915‐Direct |
|E:jryan@premiumexploration.com|ir@premiumexploration.com |
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This press
release contains certain "Forward-Looking Statements" within the
meaning of Section 21E of the United States Security Exchange Act
of 1934, and involves a number of risks and uncertainties.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time under the Company's
profile on www.sedar.com in accordance with the policies and requirements of
the TSX Venture Exchange and applicable securities law. All
statements, other than of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements. There
are no assurances that the Company can fulfill such Forward-Looking
Statements and the Company undertakes no obligation to update such
statements.
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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