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Alchemist Mining (AMS-V) acquires Ontario Cg claims, to raise $150,000
July 30, 2013 - News Release
Alchemist Mining Inc. has acquired a 100-per-cent interest in 16 mineral claims covering approximately 256 hectares located within the Porcupine district of Central Ontario, contiguous to the north of Zenyatta Ventures Ltd.'s Albany (vein type) graphite deposit discovery. Zenyatta announced on July 2, 2013, results from Zenyatta's East pipe and reported results stating, "Hole 12 yielded 146.0 metres at 5.2 per cent Cg, hole 13 yielded 177.0 m at 5.3 per cent Cg, hole 14 yielded 186.0 m at 4.9 per cent Cg, hole 15 yielded 125.0 m at 4.6 per cent Cg."
Zenyatta has recently discovered the Albany magmatic hydrothermal (vein type) graphite deposit, and has continued to return significant intercepts and carbon grades as recently announced on July 2, 2013, for the East pipe. Zenyatta is developing the "largest and only high-purity (hydrothermal) graphite deposit ... in the world," as disclosed in Zenyatta's power point presentation available on the Zenyatta website.
Upon TSX Venture Exchange approval, the company will immediately begin a program of sampling, stripping and induced polarization on the property.
Alchemist president Keith Anderson stated, "We are very excited to have acquired such a prospective piece of ground directly tied on to a what appears to be a world-class discovery."
Transaction terms
In consideration for the property, the company made a cash payment of $15,000 and will issue 1.5 million common shares in the capital of the company to arm's-length vendors. This agreement is subject to approval of the exchange. Finders' fees may be payable subject to exchange guidelines.
Financing
The company also announces that it is seeking to raise up to $150,000 through the issue of a non-brokered private placement of units at a price of five cents per unit.
Each unit will consist of one common share and one share purchase warrant. Each warrant is exercisable by the holder to acquire one additional common share of the company for a period of two years from issuance at an exercise price of 10 cents per share. The warrants are subject to a 30-day forced exercise provision if the closing price of the company's shares is 15 cents or higher for 10 consecutive days.
The proceeds of the financing will be used toward general working capital purposes and for exploration on the Mondatta property. Finders' fees may be payable subject to exchange guidelines.
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