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MIRAMICHI, NB, Dec. 28, 2017 /CNW/ - SLAM Exploration
Ltd. (TSXV: SXL) (the "Company") announces it has closed the
first tranche of the $650,000 private
placement announced December 12,
2017. The Company sold 4,700,000 flow-through units (the "FT
Units") to raise $235,000. An
additional 3,500,000 Units (the "Units") and 4,800,000 FT Units
remain available for placement to raise additional funds up to
$415,000. The Company expects to
close the second tranche on or about January
10, 2018.
Each Unit is priced at $0.05 and
comprised of one common share in the capital of the Company and one
common share purchase warrant. Each FT Unit is priced at
$0.05 and comprised of one common
share in the capital of the Company issued on a "flow-through"
basis and one-half of one common share purchase warrant issued on a
non-flow-through basis (each whole common share purchase warrant, a
"Warrant"). Each Warrant will entitle the holder thereof to acquire
one non-flow-through common share at a price of $0.055 for a period of 36 months from the date of
issuance. The 2,350,000 Warrants issued in the first tranche will
expire December 28, 2020. The Units
and FT Units are subject to a four-month and one day hold period
from the date of issuance.
The Company is paying a finders fee of $16,000 cash plus 160,000 broker warrants and
160,000 compensation shares to an Agent in connection with the
first tranche. The broker warrants are issued with the same terms
as the Warrants described above. The Company has agreed with the
Agent to pay 320,000 shares in lieu of the $16,000 cash finders fee.
The Company may pay additional finders fees in accordance with
the rules and policies of the TSXV in the second tranche. There may
be Insider participation for which a finder's fee will not be
paid. The private placement remains subject to the approval
of the TSXV. For additional information call Mike Taylor at 506-623-8960.
Proceeds received from the FT Units will be used to fund
exploration on SLAM's cobalt and base metal projects in
New Brunswick. Proceeds received
from the Units will be used for general corporate purposes.
About SLAM Exploration Ltd:
SLAM is a project
generating company that holds an NSR royalty on the Coulee,
Superjack and Nash Creek
zinc‐lead‐copper‐silver deposits and owns a portfolio of cobalt and
base metal properties in the Bathurst Mining Camp ("BMC") of
New Brunswick. The Company intends
to utilize its extensive BMC mineral database to explore and
develop properties in this historic mineral-rich region. Other
projects include the Menneval gold project and, in Ontario, the Reserve Creek gold project.
Additional information about SLAM and its projects is available at
www.slamexploration.com or from SEDAR filings at
www.sedar.com. Follow us on twitter @SLAMGold.
Qualifying Statements: Mike
Taylor, P.Geo. President and CEO of SLAM Exploration Ltd.,
as the Qualified Person, approves the scientific and technical
disclosure in the news release.
Certain information in this press release may constitute
forward-looking information, including statements that
address the Private Placement, the closing of the Private
Placement, future production, reserve potential, exploration
and development activities and events or developments that the
Company expects. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results
might differ materially from results suggested in any
forward-looking statements. The Company assumes no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those reflected in
the forward looking-statements unless and until required by
securities laws applicable to the Company. There are a number of
risk factors that could cause future results to differ materially
from those described herein. Information identifying risks and
uncertainties is contained in the Company's filings with the
Canadian securities regulators, which filings are available at
www.sedar.com. 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 SLAM Exploration Ltd.