Premium Closes $1.1 Million Non-Brokered Private Placementadmin
November 22, 2013, Vancouver, British Columbia – Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current: PMMEF) (“Premium” or the “Company“) is pleased to announce that it has closed its non-brokered private placement (the “Financing“), after receiving final approval from the TSX Venture Exchange. In connection with the Financing, the Company has issued 22,000,000 units at a price of $0.05 per unit for gross proceeds of $1,100,000. Each unit is comprised of one common share (a “Share“) and one common share purchase warrant (a “Warrant“), each a “Unit”). 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 Financing, the Company will pay 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“), as follows: $28,890 and 579,600 finder’s warrants are payable to Jackson Bennett LLC; and $40,410 and 808,200 finder’s warrants are payable to Blue Creek Capital Corp.
The Units and Finder’s Warrants issued in connection with the Financing will be subject to a four-month hold period from the date of issuance. The net proceeds of the Private Placement will be used 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
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.
Posted: November 22nd, 2013 under ACCESSWIRE.