St. Elias puts properties on the block, raises $10,000
2014-06-03 12:25 ET - News Release
Ms. Lori McClenahan reports
ST. ELIAS MINES LTD. - CORPORATE UPDATE
St. Elias Mines Ltd. has provided the following corporate update.
Subject to regulatory approval, the company has closed $10,000 of the non-brokered private placement of up to five million units at a price of five cents previously announced on April 23, 2014. The company has issued 200,000 units at a price of five cents per unit. Each unit consists of one common share of the company and one non-transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company at a price of 10 cents for a period of 24 months following closing. All securities issued in connection with the private placement are subject to a four-month hold period expiring Oct. 4, 2014.
The private placement remains open. The additional proceeds of the private placement, if any, are intended to be used to pay annual government fees for the company's Peruvian and British Columbia properties, audit fees and for working capital. Interested purchasers can contact Lori McClenahan or Cathy Forhane for subscription documents.
The company has found it extremely difficult to raise money with the current trading price of the company's shares.
Vigencias (annual fees paid to the Peruvian government) to keep the Peruvian properties in good standing are due at the end of June, 2014. At present, the company is not in a position to meet this obligation.
Fees to complete the company's annual audit for the period June 1, 2013, to May 31, 2014, are due to be paid. At present, the company is not in a position to meet this obligation.
The company is open to any serious offers to acquire any properties in its portfolio.
All technical information regarding the company's properties are in the public domain. Interested purchasers may send purchase proposals to the company's chief financial officer, Kulwant Sandher.
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