SLAM Exploration arranges $1.5M financing


    MIRAMICHI, NB, Oct. 9 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL) ("SLAM")
announces the Company has negotiated, with three institutions, a $1,500,000
non-brokered flow-through private placement to sell 6,000,000 flow-through
units at $0.25 per Unit. Each unit shall comprise one flow-through common
share ("FT Shares") plus one half share purchase warrant. Each whole such
warrant shall be exercisable into one non flow-through common share of the
company at an exercise price of $0.50 for a period of two years from closing
of the placement. Finder's fees and finder's warrants may be payable on all or
a portion of this offering.
    In accordance with applicable securities legislation, the Units will be
subject to "hold period" of four months plus one day from the date of issuance
of the Units. The financing and issuance of shares is subject to regulatory
    The Company will use proceeds from the financing to fund additional
drilling of approximately 100 holes over and above the current 10,000 metres
drilling contract at Nash Creek.

    If you would like to receive press releases via email please contact SLAM Exploration Ltd. is a mineral resource
company based in Miramichi, New Brunswick. It is involved in base metal
exploration in New Brunswick including the world class Bathurst Mining Camp as
well as gold exploration in the Uchi sub-province of northwest Ontario.
Additional information about SLAM and its projects is available at or from sedar filings at The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.

    On behalf of the Board,
    Mike Taylor, P. Geo.
    President & CEO
    SLAM Exploration Ltd.
    SEDAR: 00012459E

    This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of the 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" as such term is defined by regulations under the U.S. Securities Act,
unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
    %SEDAR: 00012459E

For further information:

For further information: Mike Taylor, President & CEO, (506) 627-1353,; Bob Smylie, Investor Relations, Toll-Free
(866) 309-6719,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890