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TSXV: SXL
MIRAMICHI, NB, Jan. 11, 2018 /CNW/ - SLAM Exploration Ltd.
(TSXV: SXL) (the "Company") announces it has closed the second
and final tranche of the private placement announced December 12, 2017. The Company sold 500,000
flow-through units (the "FT Units") and 1,500,000 non-flow-through
Units (the "Units") to raise an additional $100,000. This combines with $235,000 placed in the first tranche for a total
placement of $335,000.
Each Unit was 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 was 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 paid 320,000 shares in lieu of the $16,000 cash finders fee that was due to an Agent
on the first tranche. The Company also issued 160,000 broker
warrants and 160,000 compensation shares to the Agent in connection
with the first tranche. The broker warrants were issued with
the same terms as the Warrants described above. No
finders fees were paid in the second tranche.
Mike Taylor, President and CEO of
the Company, purchased 500,000 FT Units with a subscription for
$25,000 worth of FT Units in the
second tranche. The private placement remains subject to the
approval of the TSXV.
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.