MIRAMICHI, NB, April 13, 2017 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (the "Company") announces a private placement of up to 5,000,000 non-flow-through units (the "Units") at a price of $0.05 per Unit and up to 10,000,000 flow-through units (the "FT Units") at a price of $0.05 per FT Unit for gross proceeds of up to $750,000 (the "Private Placement"). Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant. Each FT Unit will be comprised of one common share in the capital of the Company issued on a "flow-through" basis and one-half of one common share purchase warrant issued on a non-flow-through basis (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one non-flow-through common share at a price of $0.10 for a period of 24 months from the date of issuance. The Units and FT Units are subject to a four-month and one day hold period from the date of issuance.
The Private Placement is offered to investors on a non-brokered basis. The Company may pay finders' fees in accordance with the rules and policies of the TSX Venture Exchange ("TSXV"). There may be Insider participation for which a finder's fee will not be paid. The Private Placement remains subject to the approval of the TSXV. For additional information call Mike Taylor at 506-623-8960.
Proceeds received from the Units will be used for general corporate purposes. Proceeds received from the FT Units will be used to fund exploration on SLAM's gold and base metal projects in New Brunswick. The main focus is the Menneval gold project where SLAM intends to continue its program to extract and process a 2,000 tonne bulk sample from the high grade Maisie gold vein. The Company also intends to complete preliminary work that may include trenching and diamond drilling on its wholly owned Connector and Lower 44 zinc-lead-silver properties.
About SLAM Exploration Ltd:
SLAM is a project generating Resource Company with a portfolio of gold, base metal and lithium projects in the mineral-rich Province of New Brunswick where SLAM's main focus is the wholly-owned Menneval gold project. SLAM holds an NSR royalty on the Superjack and Nash Creek zinc-lead-copper-silver deposits and owns a portfolio of base metal properties in the Bathurst Mining Camp ("BMC"). The Company is utilizing its extensive BMC mineral database to explore and develop properties such as the recently acquired Connector and Lower 44 projects in this historic mineral region. SLAM also owns the Cumberland lithium project in southeastern New Brunswick as well as the Reserve Creek and Miminiska gold projects in Ontario. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.
Qualifying Statements: Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd., as the Qualified Person, approves the scientific and technical disclosure in the news release.
