TSX-V:ELY
VANCOUVER, Aug. 26, 2016 /CNW/ - Ely Gold & Minerals Inc. ("Ely Gold"
or the "Company") (TSX-V: ELY, OTC: ELYGF) is pleased to
announce that further to the Company's news release dated
August 19, 2016, the Company has
increased the size of the non-brokered private placement of units
(the "Units") from 8,000,000 Units to 10,000,000 Units at a
price of $0.14 per Unit, for gross
proceeds of $1,400,000 (the
"Offering"). The Units will be comprised of one common share
and one-half of one share purchase warrant. One whole warrant will
entitle the holder to purchase one common share for a period of two
years at a price of C$.20 per
share.
The Company may, in appropriate circumstances, pay a finder's
fee comprising cash and/or securities in connection with the
Offering. The offering is subject to TSX Venture Exchange
acceptance. All Securities issued pursuant to the Offering
will be subject to a four-month hold period from the closing
date. The proceeds from the Offering will be used for
property acquisition, royalty acquisition and for general working
capital.
About Ely Gold
Ely Gold is focused on developing
recurring cash flow streams through the acquisition, consolidation,
enhancement, and resale of highly prospective, un-encumbered North
American precious metals properties. Ely's property development
efforts maximize each property's potential for acquisition, while
reserving significant royalty interests. Additional
information about Ely Gold is
available at the Company's website, at www.elygoldinc.com
Stephen Kenwood, P. Geo, is
director of the Company and a Qualified Person as defined by NI
43-101. Mr. Kenwood has reviewed and approved the technical
information in this press release.
On Behalf of the Board of Directors
Trey Wasser, President &
CEO
Forward-Looking Statements
This news release
contains statements concerning Ely
Gold and Mineral's acquisition, development, and
marketing of North American precious metal resource properties and
the Company's intent to sell or option portfolio properties, while
reserving any royalties. Such forward-looking statements or
information are based on a number of assumptions, which may prove
to be incorrect.
Although Ely Gold and
Minerals' believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue
reliance should not be placed on forward-looking statements because
the Company can give no assurance that such expectations will prove
to be correct. Forward-looking statements or information are based
on current expectations, estimates and projections that involve a
number of risks and uncertainties which could cause actual results
to differ materially from those anticipated by the Company and
described in the forward-looking statements or information. These
risks and uncertainties include, but are not limited to, risks
associated with geological, geometrical and geophysical
interpretation and analysis, the ability of the Company to obtain
financing, equipment, supplies and qualified personnel necessary to
carry on exploration, exploitation or acquisition of properties and
the general risks and uncertainties involved in mineral exploration
and analysis.
The forward-looking statements or information contained in
this news release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Ely Gold & Minerals
Inc.