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VANCOUVER, British Columbia, May 02, 2019 (GLOBE NEWSWIRE) -- Adamera Minerals Corp. (ADZ.V) announces the closing of the financing announced March 25, 2019. The Company issued a total of 4,000,000 units (“Unit”) at a price of $0.05 per Unit for gross proceeds of $200,000. Each unit consists of one common share and one non-transferable warrant, with each warrant entitling the holder to purchase one common share at a price of $0.05 for a period of 2 years until April 30, 2020.
The warrants are subject to an accelerated expiry date, which comes into effect when the price of the Company's common shares on the TSX Venture Exchange closes at a price of $0.12 or more per share during any ten consecutive trading day period, commencing four months plus one day after the date of issuance of the warrants. In such an event, the expiry date will be accelerated to a date that is 30 days after the Company’s shares trade for ten consecutive days at or above $0.12.
The securities issued pursuant to the private placement will be subject to a four month hold period expiring on August 31, 2019. The Company paid 10,000 finders shares under the placement. Insiders subscribed for 1,180,000 units for proceeds of $59,000.
This strategic financing moves the company forward as its shifts from target generation to target testing. For information on the target roster Click Here to see videos.
The proceeds of the private placement will be used for exploration and development of the Company's mineral properties, as well as for general working capital.
Adamera Minerals Corp. is exploring for a stand-alone high-grade gold deposit within hauling distance of an existing mill near Republic Washington. This area has reportedly produced over 6 million ounces of high-grade gold. Adamera is the dominant regional explorer in the area.
On behalf of the Board of Directors,
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.