TORONTO, Dec. 18 /CNW/ - Marathon PGM Corporation ("Marathon" or "the Company", MAR-TSX) announced that it has closed the first tranche of its previously announced non-brokered private placement, issued 966,000 flow-through shares, 55,650 finder's warrants and raised gross proceeds of $1.2075 million. The warrants are exercisable until December 19, 2011 into one common share at an exercise price of $1.25 per share. The funds raised from this financing will be used to further exploration work on Marathon's properties in Ontario, Manitoba and Newfoundland.
This financing is subject to regulatory approval.
About Marathon PGM Corporation:
Marathon is exploring resource development potential in the immediate vicinity of the Marathon deposit to expand mine life of the planned large tonnage, open pit mining operation. The Marathon deposit is one of the largest PGM-Cu reserves in Canada and is expected to grow with development of additional nearby resources. Marathon's optimized P+P reserve contains 2.44 million ounces of Pd, 693,000 ounces of Pt, 250,000 ounces of Au, 496 million lbs of Cu and 4.23 million ounces of Ag. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland, respectively. Marathon's management plans to build on its experience through the advancement of its properties and by examining other strategic opportunities.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon, certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Management's Discussion and Analysis for the year ended December 31, 2008.
Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.
The Toronto Stock Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
SOURCE MARATHON PGM CORPORATION
For further information: For further information: David Leng, P.Geo, Tel: (416) 849-3432, Fax: (416) 861-1925, firstname.lastname@example.org