St. Eugene Mining (TSX VENTURE:SEM) Corporation Announces Private Placement
TORONTO, ONTARIO--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 29, 2010) - St. Eugene Mining Corporation Ltd. (TSX VENTURE:SEM) ("St. Eugene" or the "Company") announces a non-brokered private placement offering of up to up to 6,250,000 Units at a price of $0.12 per Unit for gross proceeds of up to $750,000. Each Unit shall be comprised of one flow-through common share and one-half of one Purchase Warrant. Each full Purchase Warrant shall entitle the holder to acquire one non-flow through common share of the Company at a price of $0.16 per share for 15 months from closing, or earlier pursuant to the acceleration terms set out below.
The Company also announces a non-brokered private placement offering of up to up to 3,500,000 Units at a price of $0.10 per Unit for gross proceeds of up to $350,000. Each Unit shall be comprised of one non flow-through common share and one full Purchase Warrant. Each full Purchase Warrant shall entitle the holder to acquire one non-flow through common share of the Company at a price of $0.14 per share for period of 12 months from the date of issuance, and at $0.18 for the ensuing 6 months thereafter, or earlier pursuant to the acceleration terms set out below.
The proceeds shall be allocated to the Company's Canadian projects, namely, activities associated with re-commissioning the Tartan Lake Gold Mine, as well as a follow up drill program at the Amisk Lake Gold property near Flin Flon, Manitoba.
The Offering will be made to residents of any Canadian Province in reliance upon applicable exemptions from registration and prospectus requirements. The closing of the private placement is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the offering shall be subject to a hold period of four months from the date of closing.
A finders fee equal to 7% of the gross proceeds raised, in addition to the issuance of a number of Compensation Warrants equal to 7% of the number of Units issued, shall be paid to qualifying arms length finders. Each Compensation-Warrant shall entitle the finder to acquire one non-flow through common share of the Company at a price of $0.10 for a period of 12 months. If on any 20 consecutive trading days after the issuance of the Purchase Warrants, the closing sales price (or closing bid price on the days when there are no trades) of the common shares of St. Eugene on the TSX Venture Exchange is greater than $0.25, the expiry date of the Purchase Warrants shall accelerate and be automatically amended to be the 30th day after the date on which the Company gives notice to the Warrant holder of such acceleration.
The Company also announces a non-brokered private placement offering of up to up to 3,500,000 Units at a price of $0.10 per Unit for gross proceeds of up to $350,000. Each Unit shall be comprised of one non flow-through common share and one full Purchase Warrant. Each full Purchase Warrant shall entitle the holder to acquire one non-flow through common share of the Company at a price of $0.14 per share for period of 12 months from the date of issuance, and at $0.18 for the ensuing 6 months thereafter, or earlier pursuant to the acceleration terms set out below.
The proceeds shall be allocated to the Company's Canadian projects, namely, activities associated with re-commissioning the Tartan Lake Gold Mine, as well as a follow up drill program at the Amisk Lake Gold property near Flin Flon, Manitoba.
The Offering will be made to residents of any Canadian Province in reliance upon applicable exemptions from registration and prospectus requirements. The closing of the private placement is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the offering shall be subject to a hold period of four months from the date of closing.
A finders fee equal to 7% of the gross proceeds raised, in addition to the issuance of a number of Compensation Warrants equal to 7% of the number of Units issued, shall be paid to qualifying arms length finders. Each Compensation-Warrant shall entitle the finder to acquire one non-flow through common share of the Company at a price of $0.10 for a period of 12 months. If on any 20 consecutive trading days after the issuance of the Purchase Warrants, the closing sales price (or closing bid price on the days when there are no trades) of the common shares of St. Eugene on the TSX Venture Exchange is greater than $0.25, the expiry date of the Purchase Warrants shall accelerate and be automatically amended to be the 30th day after the date on which the Company gives notice to the Warrant holder of such acceleration.
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.
For more information, please contact
St. Eugene Mining Corporation Ltd.
Jennifer L. Boyle, B.A., LL.B.
Chief Executive Officer
647-430-0966 (work) or 416-904-2714 (cell)
jennifer@capexgroupinc.com
or
St. Eugene Mining Corporation Ltd.
Kevin Weston
President
604-365-4477 (cell)
kevin.weston1@gmail.com
St. Eugene Mining Corporation Ltd.
Jennifer L. Boyle, B.A., LL.B.
Chief Executive Officer
647-430-0966 (work) or 416-904-2714 (cell)
jennifer@capexgroupinc.com
or
St. Eugene Mining Corporation Ltd.
Kevin Weston
President
604-365-4477 (cell)
kevin.weston1@gmail.com
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