VANCOUVER, June 10, 2016 /CNW/ - Armor Minerals Inc. (TSX-V: A) ("Armor" or the "Company") is pleased to announce a non-brokered private placement for up to 5,000,000 units at a price of $0.20 per unit for gross proceeds of $1,000,000 (the "Private Placement"). Each unit consists of one common share and one half of one common share purchase warrant. Each whole common share purchase warrant is convertible into one common share of the Company at a price of $0.40 for a period of 5 years from closing.
Proceeds from the financing will be used for follow-up exploration on the recently announced drill results at the Warmister Project located in Buckingham, Virginia and for general working capital purposes. Closing of the Private Placement is subject to regulatory and board approval.
Armor is a Canadian company engaged in the acquisition and exploration of mineral property interests. On October 28, 2015, the Company signed a definitive Earn-in Agreement with Jack's Fork Exploration, Inc. ("Jack's Fork) to acquire up to an 80% joint venture interest in the Warmister and Tower Hill gold properties located in Virginia, USA. Jack's Fork is currently the holder of certain mineral leases covering the Properties. Armor Minerals Inc. trades on the TSX Venture Exchange under the symbol "A".
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
Certain information in this news release, including any information relating to the statements regarding future expectations, beliefs, goals or prospects, constitute forward-looking information within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements in this news release that are not statements of historical fact (including statements containing the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "potential" and similar expressions) should be considered forward-looking statements. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond Armor's ability to control or predict. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including without limitation risks related to exploration; uncertainties related to financings; the uncertainties of interpreting exploration results and the other risks associated with being a mineral exploration company.
Armor disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information identifying risks and uncertainties is contained in Armor's most recent annual and quarterly financial reports which are available online at www.sedar.com. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of the management of Armor relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. Readers are also cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication.
SOURCE Armor Minerals Inc
For further information: please contact the Company via email at [email protected]