Indicator Minerals Closes First Tranche of Private Placementadmin
Tuesday, August 26th 2008
Indicator Minerals Inc. announced today that it has closed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $255,000.
The private placement was comprised of 1,275,000 units at a price of $0.20 per unit. Each unit is comprised of one flow-through share and one-half of one transferable non flow-through share purchase warrant. Each whole warrant is exercisable for one common share for a period of 24 months following issuance at a price of $0.30 per share.
Agents fees in the aggregate amount of $17,500 and an aggregate of 87,500 Broker Warrants exercisable for up to 87,500 common shares for a period of 24 months following issuance at a price of $0.25 per share were paid to Raymond James Ltd. in connection with the financing. The securities are subject to a hold period and may not be traded until December 24, 2008 except as permitted by Canadian securities legislation and the TSX Venture Exchange.
The Company intend to use the proceeds of the private placement to conduct exploration on the Company’s Canadian properties.
Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development of economic diamond deposits. Founded in 2004, the company has assembled a highly qualified technical team, experienced in worldwide diamond exploration. Indicator is exploring more than 5.5 million acres of targeted ground in the Canadian arctic and has three key projects in Nunavut: Darby, Borden and Nanuq North. Indicator’s management has positioned the company to be a sophisticated player in both Canadian and international diamond exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs. Indicator is a member of the Discovery Group of Companies, for more information on the group visit www.discoveryexp.com.