TORONTO, Feb. 19, 2013 /CNW/ - Miocene Metals Limited
(TSX-V: MII) (the "Company" or "Miocene Metals") today
announced it has closed on the first tranche of its previously
announced hard unit offering (the "Offering") raising gross
proceeds of $140,000 (see press
release dated January 18, 2013 for
terms of this private placement). Proceeds raised from this
financing will be used towards funding the general working capital
needs of the Company. Miocene Metals intends on effecting another
closing in early March of this year.
Commenting on the closing today, Alar Soever,
the Company's executive Chairman and CEO stated: "The closing of
this type of financing in today's market is an appreciable event
and demonstrates the continued support of investors in Miocene
Metals' on a go forward basis."
The Company also finalized definitive
documentation for the extension of the line of credit provided by
its major shareholder, Wallbridge Mining Company Limited (the terms
of which extension were previously disclosed in the Company's
January 18, 2013 press release). This
documentation has been filed on the Company's SEDAR corporate
profile page.
The Offering is subject to final approval by the
TSX Venture Exchange.
The Company continues in its efforts to secure
major partner funding for its exploration efforts on its
British Columbia properties.
Large mineralized porphyry copper-gold alteration systems have been
identified on both the Mackenzie and Rogers Creek properties, and
these properties will be the focus of future exploration
programs.
About Miocene Metals Limited
Miocene Metals is focused on the exploration of
three porphyry copper-gold-molybdenum properties in south-western
British Columbia that occur within
the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many
geological characteristics with Tertiary-age porphyry belts that
stretch the length of Chile and
Peru in South America and hosts some of the world's
largest porphyry copper-gold-molybdenum deposits. The Cascade
Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo
deposits in Washington State, and
Alaska (Glacier Peak and Margaret,
and Quartz Hill respectively) but remains largely unexplored in
British Columbia.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking
information (including "forward-looking information" within the
meaning of applicable Canadian Securities legislation and
"forward-looking statements" within the meaning of the US Private
Securities Litigation Reform Act of 1995) that involves substantial
known and unknown risks and uncertainties, most of which are beyond
the control of the Company, including, without limitation, those
listed under "Risk Factors" and "Forward-Looking Statements" in the
Company's Final Prospectus and other public filings (collectively,
"forward-looking information"). Forward-looking information in this
news release includes, but is not limited to, information
concerning the Company's expectations regarding the availability of
funding. The Company cautions investors about important factors
that could cause actual results to differ materially from those
projected in any forward-looking statements included in this news
release. Any statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions or future
events or performance are not historical facts and may be
forward-looking and may involve estimates, assumptions and
uncertainties which could cause actual results or outcomes to
differ materially from those expressed in such forward-looking
statements. Generally, forward-looking statements can be identified
by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved". Such
statements are based on assumptions, estimates, forecasts and
projections made in light of the trends, conditions and expected
developments that are considered to be relevant and reasonable in
the circumstances at the date that such statements are made.
Forward-looking statements are not guarantees of future performance
and such information is inherently subject to known and unknown
risks, uncertainties and other factors that are difficult to
predict and may be beyond the control of the Company. A
number of factors and assumptions may cause actual results, level
of activity, performance or outcomes of the Company to be
materially different from those expressed or implied by such
forward-looking statements. Consequently, undue reliance should not
be placed on such forward-looking statements. These statements
speak only as of the date of this press release and the Company
does not assume any obligation to update or revise them to reflect
new events or circumstances. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
save and except as may be required by applicable securities
laws.
SOURCE Miocene Metals Limited