Monday, December 13, 2010

Mining Stocks News; Lucky Strike (LKY - TSX Venture) $2,400,000 Non-brokered Private Placement Fully Subscribed

Vancouver, British Columbia CANADA - December 13, 2010 (Investorideas.com Mining stocks newswire) - Lucky Strike Resources Ltd. (LKY - TSX Venture), is pleased to announce today that the TSX Venture Exchange has accepted for filing documentation with respect to the closing of the non-brokered private placement of $2.4 million previously announced on December 6, 2010 (the "Private Placement").
The Company will issue 3,000,000 units (each a "Unit") to exempt buyers on a private placement basis at a price of $0.80 per Unit (the "Offering Price"), with each Unit consisting of one common share ("Common Share") of the Company and one-half of one common share non-transferable purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase one additional Common Share of the Company at an exercise price of $1.25 per Common Share for a period of 18 months following the closing of the Private Placement.
The securities issued in connection with this Private Placement have a hold period of four months and one day from the date of issuance, which expires on April 11, 2011. The Company has 16,256,467 common shares issued and outstanding after the close of this financing and prior to the issue of any warrant shares from this financing.
The Company will pay finder's fees of up to 145,000 common shares of the Company in connection with the Private Placement in accordance with the TSX Venture Exchange policies.
The proceeds raised from the placement will be used for general working capital.
About the Changyun Coal Project
Located within the Bijie coal fields, Guizhou Province, the Changyun coal mine covers an area of 2.0954 sq. km with valid mining permits for a 150,000 MTPY coal mining operation, which may be expanded to 300,000 - 500,000 MTPY. Local historical reports (non-compliant with NI 43-101) state that coal seams within the mine area are highly altered and would produce a low ash, low to medium sulphur (average 0.23%), and low-volatile (7-8% volatile matter) product, with high gross calorific value that ranges from 6400 to 7200 Kcal/kg. The thermal grade coal is suitable for power plant use. A ready market for production exists with the nearby power plants and other end users within Guizhou province.
In addition to the mine, Changyun has recently been provided with preferential rights to explore and develop a 20 sq. km of highly prospective exploration land surrounding the mine.
About Lucky Strike:
Lucky Strike Resources Ltd. is a Canada-based exploration stage company. The Company is engaged in the process of exploring and/or developing coal properties in Guizhou province in China. The Company also has property in Yreka, British Columbia, Canada. The Changyun coal project is a former past producing mine and is located some 25 km northeast of Bijie City in Guizhou province, approximately two hours north by air from Hong Kong. The permitted mine covers a total area of 2.0954 sq. km and is surrounded by approximately 20 sq. km of highly prospective exploration area, where available geological data supports the potential presence of significant coal resources of high quality Anthracite coal within the area. The local area has well established infrastructure for the Changyun project to resume production and coal buyers to pick up coal FOB at the mine site.
On behalf of Management
Lucky Strike Resources Ltd.
Dodge Li
Dodge Li, CEO & Director
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