TORONTO, April 18, 2012 /PRNewswire/ - Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals") announces today its intention to complete a non-brokered private placement to raise gross proceeds totaling up to $2,300,000 to fund exploration on the Company's British Columbia copper-gold porphyry properties and general working capital.
The Offering will consist of: (i) up to 7,000,000 Flow-Through Units, with each Flow-Through Unit comprised of one (1) flow-through common share ("Flow-Through Share") of the Corporation and one-half of one common share purchase warrant (each whole warrant a "Warrant"), and (ii) up to 10,000,000 Hard Units, with each Hard Unit comprised of one (1) non-flow-through common share of the Corporation and one Warrant.
Each Flow-Through Unit is priced at $0.15 and each Hard Unit is priced at $0.125. Each Warrant will entitle the holder thereof to purchase one common share of the Corporation at a price of C$0.20 at any time prior to 5:00 p.m. (Toronto time) on the date that is 24 months after the Closing Date (as defined below).
The proceeds received by the Corporation from the sale of the Flow-Through Shares shall be used to fund exploration expenditures on the Corporation's British Columbia mineral projects and in that connection, will be used to incur eligible Canadian exploration expenses ("CEE") that qualify as Canadian exploration expenses and "flow-through mining expenditures" for purposes of the Income Tax Act (Canada) which will be renounced in favour of the holders of Flow-Through Shares with an effective date of no later than December 31, 2012.
The proceeds received by the Corporation from the Warrant portion of the sale of Flow-Through Units and the proceeds of the sale of the Hard Units will be used for general working capital purposes.
The securities comprised within the Flow-Through Units and the Hard Units will be subject to a hold period of four months and one day from the Closing Date in the Offering Jurisdictions.
The Offering jurisdictions (the "Offering Jurisdictions") for the Offering will be the Provinces of British Columbia, Alberta, Ontario, and Quebec.
Payment for and delivery of the Flow-Through Units and the Hard Units shall be made on or before the Closing Date (herein the "Closing Date") May 31, 2012, or such other date as may be decided by the Corporation.
The Offering is subject to TSX Venture Exchange approval.
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of six porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Miocene Metals Limited