TORONTO, Oct. 25, 2012 /CNW/ - Strata Minerals Inc. (TSX-V: SMP) ("Strata" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement. The Company issued 6,500,000 units at $0.10 per unit for gross proceeds of $650,000. Finder's fees in the aggregate amount of $10,500 are payable to arm's-length parties in connection with a portion of this private placement.
The net proceeds from the private placement will be added to the Company's working capital.
The Company also wishes to advise that it has relinquished its North and South Tickalara projects, which were in the exploration tenement application stage. This decision was based on the results of the 2011 fieldwork undertaken on the property and the need to prioritize the Company's focus on its Cardabia Project.
About Strata Minerals Inc.
Strata Minerals Inc. is an emerging, Australasia focused, agricultural nutrient company exploring for commercial scale phosphate rock mineralization deposits. Armed with the objectives of becoming a supplier to the global fertilizer industry and generating wealth for its shareholders, Strata is currently advancing its phosphate exploration projects in Western Australia and Queensland and intends to broaden its focus to other agricultural nutrients including potash and lime. All references to the Company in this release include the Company's wholly owned Australian subsidiary, Strata Minerals Pty Ltd. For further information, please refer to the Company's website at www.strataminerals.com.
Neither the 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 news release.
SOURCE: Strata Minerals Inc.
For further information:
Peter Kozicz, President & CEO
Tel: 1 416 460-1159
Brent Lokash, EVP & CFO
Tel: 1 604 862-5190