AccelRate Announces Non-Brokered Share Offering to Raise Up To $6,000,000
25 Janeiro 2011 - 7:05PM
Marketwired
AccelRate Power Systems Inc. (TSX VENTURE: AXP)(FRANKFURT: KCG)
(the "Company") has retained the services of Aberdeen Gould Capital
Markets Ltd., an Exempt Market Dealer (the "EMD"), to arrange a
non-brokered private placement consisting of up to 20,000,000
common shares of the Company at the price of $0.30 per share to
raise gross proceeds of up to $6,000,000.
Proceeds from the offering will be used to finance the optioning
and exploration of the "Lucky Strike" mineral property in the
Yukon, as announced in the Company's news release of November 24,
2010, to fund additional property acquisitions, to pay a finder's
fee to the EMD, to satisfy other obligations and for general
working capital. On completion of the change of business, AccelRate
intends to become a pure gold explorer focused on the Yukon and to
change its name to Goldstrike Resources Ltd.
In keeping with its new focus, the company is pleased to welcome
Lawrence Dick, Ph.D., P. Geo. to its board. Dr. Dick, who was
elected at the Company's recent annual general meeting, has over 35
years of mineral experience, and is an internationally recognized
explorationist who has been credited with or played a key role in
five major mineral discoveries in North and South America. He is
very familiar with the Yukon, having spent more than ten years
working throughout the Territory including the Carmacks gold camp
and the Nisling Range, both of which lie within the area now known
as the White Gold District. He formerly held a variety of positions
with Chevron Resources Company in the Americas, including
Exploration Manager, and led the exploration teams that discovered
the Golden Bear deposit in British Columbia and discovered and
developed the Can Can gold-silver deposit in north-central Chile.
He is a co-founder of General Minerals Corp. (now Sprott Resource
Corp.) and has served for many years as its Executive Vice
President, as well as directing its exploration activities. Dr.
Dick also founded Copper 1 Inc., serving as its Chief Executive
Officer and President, and subsequently co-founded and served as
the President, CEO and Chairman of Evolving Gold Corp. before
assuming his present role as Chief Geologist and Manager of
Resources for Baron Global Financial Canada Ltd. He continues to
serve on the boards of a number of public companies, including
Timmins Gold Corp., and is a Full and Fellow Councillor of the
Geological Association of Canada, Cordilleran Section, and a Full
and Fellow Member of the Society of Economic Geologists. For his
exploration successes in Chile, Dr. Dick was awarded the Chevron
Chairman's Award, and the "Mente et Malleo" award at the Chilean
Geological Congress for the most successful exploration team in
Chile.
The proposed private placement and finder's fees payable to the
EMD are subject to TSX Venture Exchange ("TSXV") acceptance and
completion of the Change of Business ("COB") described in the
November 24, 2010 news release. All subscription funds will be held
in escrow pending completion of the COB, which is subject to a
number of conditions including TSXV acceptance and shareholder
approval. The proposed financing and COB will not be completed
until the required approvals are obtained. There can be no
assurance that the contemplated transactions will be completed as
proposed or at all.
The Company has agreed to pay the EMD a cash finder's fee equal
to 10% of the gross proceeds derived from the offering and, in
addition, to issue finder's warrants exercisable to purchase that
number of common shares which is equal to 10% of the total number
of shares issued by the Company pursuant to the offering. The
finder's warrants relating to the offering will be exercisable for
five years after closing at the price of $0.40. In addition, the
EMD has been granted a right of first refusal with regard to future
financings of the Company for a period of five years. All shares
issued pursuant to the offering and any shares acquired on the
exercise of finder's warrants will be subject to a four-month hold
period from the closing date.
Investors are cautioned that, except as disclosed in the Filing
Statement or Management Information Circular to be prepared in
connection with the proposed COB, any information released or
received with respect to the COB may not be accurate or complete
and should not be relied upon. Trading in the securities of the
Company should be considered highly speculative. The TSXV has in no
way passed upon the merits of the proposed COB and has neither
approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD
Reimar Koch, President, AccelRate Power Systems Inc.
Neither 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.
Contacts: AccelRate Power Systems Inc. Reimar Koch President
(604) 688 8656 (604) 688 8654 (FAX) info@accelrate.com
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