/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Oct. 9 /CNW/ - (TSX.V: SEM) Rolly Trenaman, President
announces the Company intends to complete a non-brokered private placement of
up to 1,578,000 units at a price of $0.12 per unit to raise total gross
proceeds of up to $189,300. Each unit will consist of one flow-through common
share of the Company and one-half of one non-transferable common share
purchase warrant. Each full warrant will be exercisable to acquire one
non-flow-through common share for a period of one year from closing at an
exercise price of $0.15 per share.
The Company will pay a finder's fee equal to 7.5% of the gross proceeds
of the offering attributable to that finder, payable by the issuance of common
shares at a value of $0.12 per share. In addition the Company will issue to
the finder that number of non-transferable common share purchase warrants
equal to 10% of the units sold that are attributable to that finder. Each
finder warrant is exercisable to acquire one share for a period of one year
from closing at an exercise price of $0.15 per share.
All securities issued in connection with the offering will be subject to
a four-month hold period from the closing of the offering.
The gross proceeds from the flow-through financing will be used to drill
a further approximately 1,000 metres in four holes at the Company's Moyie
zinc/silver/lead project, 20 kms south of Cranbrook, BC. Information from
these holes will allow to the Company to make a decision on underground
development, the next logical step in defining the magnitude of the
zinc/lead/silver mineralized zones identified in two earlier drill campaigns
on Company's Society Girl target.
The Moyie Project is located in an historic metal mining district, which
stretches from Idaho's Coeur d'Alene silver/lead mining camp to BC's
150-million-ton Sullivan zinc/silver/lead mine. Zinc/silver/lead ores have
been continuously produced from this area for more than 110 years. From
1900-1911, the St. Eugene Mines reportedly produced approximately 1.4 million
tons of ore grading 5% zinc, 15% lead and 7 opt silver from three main ore
shoots - Lakeshore, Moyie and St. Eugene.
The offering is subject to completion and execution of appropriate
documentation and acceptance for filing by the TSX Venture Exchange.
This press release does not constitute an offer to sell, or a
solicitation of an offer to sell, any of the foregoing securities in the
United States. None of the foregoing securities have been and, nor will they
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.
For further details on the Company, please refer to the Company's website
www.steugenemining.ca, and its Canadian regulatory filings on SEDAR at
On Behalf of the Board of Directors of
ST. EUGENE MINING CORPORATION LIMITED
"R. T. Trenaman"
President and CEO
Roland T. Trenaman, P.Eng., serves the Board of Directors of the Company
as an internal, technically qualified person. Technical information in this
news release has been prepared in accordance with Canadian regulatory
requirements set out in National Instrument 43-101 and reviewed by Mr.
Trenaman. This news release was prepared by Management, which takes full
responsibility for content. The TSX Venture has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties
that may cause the Company's actual future-period results to differ materially
For further information:
For further information: R. T. Trenaman at (604) 669-5775, Email:
firstname.lastname@example.org; Kirsti Mattson at (604) 202-2484, Email:
email@example.com - media