Serengeti Completes Financing and Commences Drilling at Kwanika
30 Juin 2011 - 2:30PM
Marketwired
Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S) reports
closing of and oversubscription to, its financing initially
announced on June 16, 2011, as well as the initiation of a drill
program at its 100% owned Kwanika copper-gold project located in
the Quesnel Trough of north-central British Columbia.
Drilling has commenced at Kwanika to test the 'Northeast' and
'Kwanika Deep' IP geophysical targets. Both targets are located in
close proximity to the Central Zone where strongly enriched
copper-gold grades have been encountered in prior drilling. The
initial 1,500 meter program will focus first on the Northeast
target, described in the Company's news release of February 7,
2011, followed by testing of the new 'Kwanika Deep' target.
Recent IP geophysical surveying at the Kwanika project has
identified a new IP anomaly named the 'Kwanika Deep' target. This
geophysical anomaly is several hundred meters wide, has a strike
length of at least 750 meters, and has a response similar in
magnitude and character to that of the Central Zone. The 'Kwanika
Deep' target is located approximately 500 meters northeast of the
Central Zone in an area that has not seen any previous drilling.
Serengeti considers this target to be prospective to potentially
contain a new porphyry deposit.
The Company recently closed its non-brokered private placement
by issuing 4,213,999 flow through units at a price of $0.31 per
unit, which increased the overallotment provision originally
announced from 15% to approximately 24%. The total proceeds raised
in this placement amounted to $1,306,339. Each flow-through unit
consists of one flow-through common share and one-half of one
non-flow-through share purchase warrant. Each whole warrant is
exercisable into one non-flow through common share, at a price of
$0.42 per share for a period of eighteen months from closing of the
financing, expiring December 27, 2012.
The Company has paid finder's and due diligence fees totaling of
$74,400 in connection with the private placement to certain parties
who were instrumental in introducing investors to the Company. All
securities issued by the Company in connection with the private
placement are subject to a statutory hold period and may not be
traded until October 28, 2011.
Proceeds will be used by Serengeti to fund further drilling and
exploration work on its portfolio of British Columbia properties,
including on its Kwanika copper - gold project and for general
working capital purposes.
About Serengeti Resources Inc.
Serengeti is a mineral exploration company managed by an
experienced team of professionals with a solid track record of
exploration success. The Company is currently advancing its Kwanika
copper-gold project, and exploring its extensive portfolio of
properties in the highly prospective Quesnel Trough of British
Columbia and has initiated exploration for gold-silver deposits in
Mexico. Additional information on Serengeti's projects can be found
on the Company's website at www.serengetiresources.com. Serengeti
is well funded to advance its projects with a current working
capital position of approximately $6.1 million, which includes $3.5
million receivable from the B.C. government's METC program.
Following this financing, Serengeti has 51.1 million shares issued
and outstanding and 58.9 million shares on a fully diluted
basis.
Quality Assurance/Quality Control
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements as set out in
National Instrument 43-101, and reviewed by the Company's qualified
person, David W. Moore, P. Geo., President and CEO of Serengeti
Resources Inc.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo., President, CEO and Director
Cautionary Statement
This document contains "forward-looking statements" within the
meaning of applicable Canadian securities regulations. All
statements other than statements of historical fact herein,
including, without limitation, statements regarding exploration
plans and other future plans and objectives, are forward-looking
statements that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and
future events and actual results could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from our expectations are
disclosed in the Company's documents filed from time to time via
SEDAR with the Canadian regulatory agencies to whose policies we
are bound.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Paradox Public Relations Investor Relations
514-341-0408 (toll free in North America) 1-866-460-0408
info@paradox-pr.ca Serengeti Resources Inc. David W. Moore, P. Geo.
President, CEO and Director 604-605-1300
www.serengetiresources.com
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