PR.com: Business Directory, Press Releases, Jobs, Products, Services, Articles
 
Businesses Articles Press Releases Follow @PRcom
Press Release Pricing | News by Category | News by Country | News by US Region | Recent News | PR.com News on Your Site
 

Press Releases

 
Premium Exploration Inc.

Press Release


Receive press releases from Premium Exploration Inc.: By Email RSS Feeds:

Premium Exploration Announces Private Placement


Vancouver, British Columbia, Canada, September 13, 2009 --(PR.com)-- Premium Exploration Inc. (TSX-V:PEM) (“Premium”) is pleased to announce its intention to raise up to CDN$3,000,000 through a non-brokered private placement of 12,000,000 Units at $0.25 per Unit. Each Unit will consist of one Common Share and one-half of a non-transferable Warrant. Each whole Warrant will be exercisable for a period of two years at a price of $0.35 in the first year and $0.50 in the second year.

The Warrants are subject to an acceleration clause which comes into effect once the shares trade above a weighted average price of 100% or more from the exercise price, for any fifteen consecutive trading-day period subsequent to four months from the Closing Date. In this event, Premium may accelerate the expiry of the Warrants upon providing 30 days’ notice to the Warrantholders.

The proceeds from the private placement will be used to:

* Further exploration, including drilling, on Friday-Petsite’s (NI 43-101) 531,890 oz inferred gold resource;
The Phase I Drill Program successfully demonstrated continuity of this gold mineralized zone. The Phase II Drill Program is designed to delineate the gold mineralized zone to the north and south of the existing resource. This program will further define the target which will have significant implications for the size potential of the mineralized envelope.

* Advance ongoing production permitting on the Buffalo Gulch project;

* Review exploration on the Chrome Mountain property in Montana in anticipation of a comprehensive exploration program in 2010;

* Conduct general exploration on the San Pedro Analco project in Mexico; and

* Provide general working capital.

The funds raised will include up to 7% finder’s fees in cash or shares. The private placement is subject to approval from the TSX Venture Exchange.

About Premium Exploration, Inc.

Premium Exploration Inc. (TSX-V:PEM) is an explorer and developer of precious metals projects with significant potential for near-term production and growth. Our projects are located in the USA and Mexico; stable regions where we have a history of success. Our team is committed to unlocking mineral wealth for our shareholders by discovering, developing, and permitting precious metals assets to production. The Company’s portfolio includes one of the largest land packages in Idaho, including an NI 43-101 gold resource, a PGM exploration project in Montana, and a past-producing silver project in Mexico. For additional information, please visit us at www.premiumexploration.com.

###
Contact Information
Premium Exploration, Inc.
Ms. Christine Kopr
(604) 682-0243
Contact
www.premiumexploration.com
or
Mr. Wilf Struck, P.Eng
Chief Executive Officer
F: (604) 682-2499
E: wstruck@premiumexploration.com

Click here to view the list of recent Press Releases from Premium Exploration Inc.
Promote Your Business