Compañía de Minas Buenaventura S.A.A. press release
ALLIANCE MINING CORP. CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
NYSE - New York Stock Exchange · Peru
Jan. 13, 2010 (TheNewswire.ca) --
Vancouver, British Columbia - Alliance Mining Corp. (OOTC:ANMNF) (CNQ:ALM) (the "Company" or "Alliance") is pleased to announce that further to its news release dated October 20, 2009, as amended November 5, 2009, the Company has closed the First Tranche of a non-brokered private placement by the issuance of 550,000 units at a price of $0.10 per unit for gross proceeds of $55,000. Each unit consists of one common share and one share purchase warrant, each warrant entitling the holder thereof to acquire one additional common share in the capital of the Company for a period of two years from the date of issuance, at a purchase price of $0.12 per share if exercised on or before January 12, 2011 and $0.15 per share if exercised from January 13, 2011 to January 12, 2012.
In connection with the private placement, a 12% finder's fee of $5,340 was paid to an arm's length party (the "Finder") and 53,400 Finder's warrants were issued to the Finder entitling the Finder to purchase that number of common shares of the Company as is equal to 12% of the number of Units placed by the Finder. Each Finder's warrant entitles the holder thereof to acquire one additional common share in the capital of the Company for a period of two years from the date of issuance, at a purchase price of $0.12 per share if exercised on or before January 12, 2011 and $0.15 per share if exercised from January 13, 2011 to January 12, 2012.
All securities issued by the Company pursuant to the private placement will be subject to a hold period of four months and one day, and cannot be resold until May 14, 2010. Proceeds of the private placement will be used for exploration on the Company's Placerita mineral properties located in Arizona and for general working capital.
Further to its news release of December 31, 2009, the Company confirms that has closed only a small portion of the private placement for use as general working capital. The bulk of the private placement will not close until the Company has secured the remaining permits from the US Forest Service and the Bureau of Land Management with respect to drilling on the Trails End Gold Mine, the Gold Beetle#1 and Gold Beetle #2 Gold Mine Properties.
About Alliance:
Alliance's strategy is to concentrate on historical mining districts hosting dozens to hundreds of smaller mineralized zones that can quickly be delineated into resources while targeting higher-grade zones for mining using state of the art technologies that are not only cost effective but environmentally safe. Alliance is presently focused on properties in Arizona and Nevada. To learn more about Alliance visit www.alliancemining.com.
Should you wish to receive Company News, please email info@alliancemining.com and specify "Alliance Mining News" in the subject line.
ON BEHALF OF THE BOARD
"Jan C. Ross"
Mr. Jan C. Ross, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
Jan C. Ross, President and CEO
(250) 319-4793
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act. This includes statements concerning the Company's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties. In addition, forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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