Eskay Mining Corp. press release
Non Brokered Private Placement to Raise up to $500,000
TSXV - TSX Venture Exchange · Gold · Silver · Copper · Lead · Zinc · Bismuth · Canada
Trading Symbol: TSX - MTB
STEWART, BC, April 13 /CNW/ - The Company is pleased to announce that it has agreed to a financing with MineralFields Group ("MineralFields") pursuant to the terms of which MineralFields has agreed to complete a private placement to raise proceeds of up to $500,000. It has been agreed the offering will be comprised of 833,333 flow-through units at a price of $0.60 per unit. The units will be comprised of one common share and one warrant, with each warrant being exercisable for the purchase of an additional share at a price of $0.75 per share for a two year period. If the warrants trade at a price of $1.00 or more for a period of 20 consecutive trading days the Company has the right to accelerate the exercise period to 10 trading days. Proceeds of the offering will be expended on mineral exploration on the Company's properties. Monies will be spent on drilling, trenching and sampling on the Silver Coin, FR and George Copper properties. The Company has agreed to pay a cash commission of 5% of the proceeds raised and a warrant equal to 10% of the units sold exercisable at a price of $0.50 per unit for a two year period. The Company has also agreed to pay a due diligence and administrative fee of 2.5% of the proceeds raised.
Mountain Boy Minerals Ltd is a Canadian based mineral exploration company whose activities are in the Stewart and McKenzie area of BC. It is actively exploring for gold-silver-base metals on the Silver Coin project, silver-base metals on their American Creek properties, copper-gold in the Stewart area, porphyry molybdenum in the Stewart and McKenzie areas and copper-nickel- platinum group metals in the McKenzie area.
MineralFields Group is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar limited partnerships to investors throughout the world. Information about MineralFields Group is available at www.mineralfields.com.
ON BEHALF OF THE BOARD
"Ed Kruchkowski"
Ed Kruchkowski, Director