Purecore Metals Inc. press release
Mainstream Minerals Appoints Michael Romanik as President & CEO and Announces a $750,000 Private Placement
CSE - Canadian National Stock Exchange ยท Canada
Sep. 3, 2009 (TheNewswire.ca) --
September 3rd, 2009 - Mainstream Minerals (OOTC:MSMCF) (TSXV:MJO) Corp. (TSX-V: MJO) is pleased to announce that subject to TSX Venture Exchange approval, Mr. Michael Romanik has been appointed as President and Chief Executive Officer of the Company. Mr. Romanik has also been appointed as a director, filling an existing vacancy on the Board.
Mr. Richard Rivet has resigned as President and Chief Executive Officer but will continue on with the Company as a Director.
In addition, the Company is pleased to announce its intention to raise $750,000 by way of a non-brokered private placement.
Mr. Michael Romanik
Mr. Romanik is currently the Chief Financial Officer and a Director of First Lithium Resources Inc. (OOTC:FLNTF) (TSX.V: MCI); President and CEO of Newcastle Minerals Ltd. (TSXV:NCM) (TSX.V: NCM) and President of Verenex Capital Corp, a private investment company which also provides investor relations services for Pebble Creek Mining Ltd. (OOTC:PBLEF) (TSXV:PEB) (TSX.V: PEB). Mr. Romanik is also the President of First India Resources Inc., a private company engaged in seeking out mineral projects in India.
Non-brokered Private Placement of $750,000
The Company is announcing a non-brokered private placement of $750,000 which is anticipated to close on October 1st, 2009. The Units comprising this non-brokered private placement will be offered to subscribers resident in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. This non-brokered private placement will be comprised of up to 3,750,000 Class A Units at price of $0.10 per Class A Unit (the "Flow-Through Subscription Price") for gross proceeds of up to $375,000, and up to 3,750,000 Class B Units at price of $0.10 per Class B Unit (the "Non-Flow-Through Subscription Price") for gross proceeds of up to $375,000, for an aggregate of up to 7,500,000 Units and for aggregate gross Offering Proceeds of up to $750,000.
Each Class A Unit is comprised of one flow-through common share and one half (1/2) of one non-flow-through common share purchase warrant that can be exercised to purchase one common share upon payment $0.15 for a period of 24 months following the date of issuance. Each Class B Unit is comprised of one non-flow-through common share and one non-flow-through common share purchase warrant that can be exercised to purchase one common share upon payment $0.12 for a period of 24 months following the date of issuance. A finder's fee equal to 10 % of the subscription proceeds may be paid to registered dealers for services rendered in introducing certain subscribers to the offering. The shares issued in connection with this non-brokered private placement will be subject to a minimum hold period of four-months plus one day.
Mainstream Minerals intends to utilize the flow-through proceeds from the subscription for Class A Units of this non-brokered private placement for the ongoing exploration and development of its joint-ventured Bobjo Mine rare earths / gold project. The non-flow-through proceeds from the subscription for Class B Units will be used as working capital for general corporate purposes.
About Mainstream Minerals
Mainstream Minerals Corporation is a mineral exploration and development company focused on precious metal mining properties with economic potential, with the aim of bringing such properties to commercial production. The Bobjo Mine project is located in the prolific Red Lake Gold Camp in Ontario.
MJO Shares Outstanding: 19,176,087
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik, President & CEO
(204) 222-0137
info@mainstreamminerals.com
www.mainstreamminerals.com
This news release includes certain forward-looking statements concerning the future performance of Mainstream Mineral Corporation's business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements are frequently identified by such words as "may", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing and as described in more detail in the Company's recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and readers are cautioned against placing undue reliance thereon.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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