Additional Funds for Drilling Gold, Silver and Base Metal Deposits
TSXV: SXL US-OTC: SLMF
Not for Distribution to U.S. Newswire Services or for Dissemination in
the United States
MIRAMICHI, NB, May 31, 2011 /CNW/ - SLAM Exploration Ltd. (TSXV:SXL) (US-OTC: SLMF) ("SLAM") is announces a non-brokered private placement of 1,200,000 flow-through
units (the "Units") at a price of $0.125 per Unit for gross proceeds of
$150,000 (the "Offering"). Each Unit will be comprised of one common
share in the capital stock of SLAM issued on a flow-through basis
("Common Share") and one-half (½) of one Common Share purchase warrant
("Warrant"). Each whole Warrant will entitle the holder thereof to
acquire one non-flow-through Common Share at a price of $0.18 per
Common Share for a period of 12 months and at a price of $0.36 per
Common Share for an additional 12 months thereafter, expiring 24 months
after the date of issuance. The Units are subject to a four-month and
one day hold period from the date of closing.
SLAM expects to close this Offering on or around on June 6th, 2011. The proceeds of the Offering will be used to fund exploration on
SLAM's gold, silver and base metal projects in Canada. The Offering is
subject to the approval of the TSX Venture Exchange ("TSXV"). For
further information please call Mike Taylor at 506-627-1353 or
toll-free at 866-523-6719.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and
is exploring for gold in Ontario and for silver-copper-lead-zinc in New
Brunswick. Additional information about SLAM and its projects is
available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
Neither 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.
On behalf of the Board
Mike Taylor, P. Geo.
President & CEO
SLAM Exploration Ltd.
This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. All statements in this
release, other than statements of historical fact, that address future
production, reserve potential, exploration and development activities
and events or developments that SLAM expects, are forward-looking
statements. Although management believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance, and actual
results or developments may differ materially from those in the forward
looking statements. Please see our public filings at www.sedar.com for further information.
SOURCE SLAM EXPLORATION LTD.
For further information:
SLAM Exploration Ltd.
Brian Jones, Investor Relations; Toll Free: 855.800.6109