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Published in Health and Fitness on Friday, June 19th 2009 at 4:36 GMT, Last Modified on 2009-06-19 04:37:09 by Market Wire
TORONTO, ONTARIO--(Marketwire - June 19, 2009) - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX), is pleased to announce it has closed a non-brokered private placement financing with gross proceeds amounting to $500,000.
The financing consisted of a unit offering of 3,333,334 units (a "Unit") at $0.15 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one additional common share, for a period of 24 months following the date of closing of the private placement ("Closing Date"). The warrants have an exercise price of $0.25 per share.
Each warrant is subject to an acceleration right of the Company. In the event the average closing price of the common shares of the Company trading on the TSX is at least $0.50 per share for a period of not less than twenty (20) consecutive trading days commencing after the Closing Date, the Company shall have the right, on not less than 20 days prior written notice to the holder, to accelerate the expiry day to a day which is not less than 20 days following the date of the acceleration notice.
The common shares and warrants forming the Units, as well as any common shares issued upon exercise of the warrants prior to October 18, 2009 are subject to a four month hold period from the Closing Date.
The Toronto Stock Exchange ("TSX") has conditionally approved the listing of all of the common shares issuable pursuant to the private placement. Listing is subject to the Company fulfilling all of the requirements of the TSX.
About Anaconda
Anaconda is a Toronto, Canada based mining and exploration company focused on advancing their Pine Cove gold mine in Canada and their San Gabriel Iron Project in Chile. The Company is committed to bringing Pine Cove into full Commercial Production, as well as developing near term production opportunities for San Gabriel.
Certain statements contained herein constitute "forward-looking statements". These forward- looking statements are based on current expectations. The nature, timing and extent of the exploration programs at the San Gabriel Iron Project may materially change from current intentions for a number of reasons. Additionally, forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "may," "estimates," "expects," "indicates," "targeting," "potential" and similar expressions. These forward-looking statements, including statements regarding the Company's beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations as more information regarding the property is gathered or if known and unknown risks or uncertainties affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. The Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
