URUMQI, XINJIANG, PEOPLE'S REPUBLIC OF CHINA, June 24, 2016 /CNW/ - New Era Minerals Inc. (the "Company") is pleased to announce that it has arranged a non-brokered private placement (the "Private Placement") with two investors who have subscribed for an aggregate of 1,952,975 common shares of the Company (the "Shares") at a price of Cdn$0.20 per Share to raise aggregate gross proceeds of Cdn$390,595.20.
The terms and completion of the Private Placement are subject to TSX Venture Exchange approval.
The funds raised from the Private Placement are to be used for general corporate and working capital, including the investigation of potential opportunities to acquire additional mining projects.
The Company also advises that Mr. Lin Guang Ju, a director and control person of the Company, will not be completing an additional 5,000,000 RMB second tranche of a private placement previously announced in the Company's news release of January 8, 2016.
About New Era Minerals Inc.
New Era Minerals Inc., through its wholly-owned subsidiary, Haijin International Group Limited, owns 95% of Xinjiang Yongkun Mining Co. Ltd. ("Yongkun"). Yongkun's principal activities are the exploration, evaluation and development of mineral property interests in the People's Republic of China ("PRC"), including Yongkun's 100%-owned Suyeke North nickel property located in Tuoli County, Tacheng Area, Xinjiang-Uyghur Autonomous Region, PRC.
On behalf of the Board of Directors of
NEW ERA MINERALS INC.
Sun Tian Xiang
Chief Executive Officer
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.
This news release includes certain statements that may be deemed to be "forward-looking information" within the meaning of applicable Canadian securities legislation that are based on the belief of management and reflect the Company's current expectation. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking information. Forward-looking information are generally, but not always, identified by the words "expects", "plans", "could" or "should" occur.
Forward-looking information in this news release includes, without limitation, all statements regarding the completion of Private Placement and the proposed use of proceeds to be raised pursuant to the Private Placement. By its nature, forward-looking information involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among other things, the timeliness of receipt of regulatory approval to the Private Placement; fluctuations in the Canadian dollar-Renminbi exchange rate; and those factors disclosed in the Company's publicly filed documents. Forward-looking information is also based on a number of assumptions, including, but not limited to, that all required stock exchange and other regulatory approvals to the Private Placement will be obtained.
Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such forward-looking information are not guarantees of future performance and actual results may differ materially from those in forward-looking information. The forward-looking information in this news release is provided as of the date of this news release, and Company disclaims any intention or obligation to update or revise such forward-looking information, except as required by applicable law. Accordingly, readers should not place undue reliance on forward-looking information.
SOURCE New Era Minerals Inc.
For further information: Avi Grewal, [email protected], Telephone: 416-213-8118 x210