VANCOUVER, Feb. 16 /CNW/ - (TSX.V-ARO, CNSX.ARO) Les Kjosness, President & CEO, is pleased to announce, subject to regulatory approval, a Private Placement consisting
of 13,000,000 units at a price of $0.15 for a total of $1,950,000. Each
unit will consist of one common share and one warrant exercisable at a
price of $0.20 for a period of one year. Funds raised from the private
placement announced October 29, 2010 will be included in this private
placement. These funds will be used for a 2011 work program on the
Amazon Basin projects, further development of the Waverley-Tangier
project and corporate use. These work programs will be announced once
the Board and consulting Geologists have determined the avenues of
exploration to proceed. The Company will be issuing stock options to
the Board, consultants and employees. There will be a finder's fee of
7% payable in stock or cash.
Armadillo Resources mandate is to acquire, explore and develop base and
precious metals properties throughout North America and we continue to
seek out other properties to add to our portfolio.
On behalf of the Board,
President and Director
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.
The CNSX also has neither approved nor disapproved of same. This news
release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work
programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements.
SOURCE Armadillo Resources Ltd.
For further information:
|Les Kjosness: || || || ||604-408-6500|
|Kirsti Mattson: || || || ||604-202-2484 media |