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TORONTO, June 26, 2018 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (TSX: ANX)(OTCQX: ANXGF) is pleased
to announce that it has completed the second and final tranche of a
non-brokered private placement of 2,219,000 units of the Company
("FT Units") at a price of $0.41 per FT Unit, for aggregate gross proceeds
of $909,790. Total proceeds raised
under the private placement are $4,465,290.
Each FT Unit consists of one common share of the Company, which
qualify as "flow-through shares" within the meaning of the
Income Tax Act (Canada)
("FT Shares") and one-half of one non-flow-through common share
purchase warrant (each whole common share purchase warrant, a
"Warrant"). Each Warrant entitles the holder thereof to
purchase one common share of the Company (a "Warrant Share")
at a price of $0.55 per Warrant Share
until June 26, 2020.
Red Cloud Klondike Strike Inc. and M Partners acted as finders
in connection with the Offering. In connection with the
second and final tranche of the private placement, the Company paid
a cash finder's fee and issued 73,200 non-transferable finder
warrants. Each finder warrant is exercisable for one common share
of the Company at a price of $0.55
until June 26, 2020.
It is expected that the gross proceeds from the private
placement will be primarily used for exploration activities at the
Company's Goldboro Project in Nova
Scotia and its other deposits in Atlantic Canada.
All the securities sold pursuant to the private placement are
subject to hold periods which will expire four months and one day
from the respective closing dates for the first and second tranche
of the private placement, being October 23,
2018 and October 27, 2018, as
applicable, in accordance with the rules and policies of the
Toronto Stock Exchange (the "TSX") and applicable Canadian
securities laws. The private placement remains subject to the final
approval of the TSX.
The securities offered (and any underlying securities, as
applicable) have not been, and will not be, registered under the
U.S. Securities Act of 1933, as amended (the "U.S. Securities Act")
or any U.S. state securities laws, and may not be offered or sold
in the United States or to, or for
the account or benefit of, United
States persons absent registration or any applicable
exemption from the registration requirements of the U.S. Securities
Act and applicable U.S. state securities laws. This news release
shall not constitute an offer to sell or the solicitation of an
offer to buy securities in the United
States, nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
ABOUT ANACONDA MINING INC.
Anaconda is a TSX-listed gold mining, development, and
exploration company, focused in the prospective Atlantic Canadian
jurisdictions of Newfoundland and
Nova Scotia. The Company operates
the Point Rousse Project located in the Baie Verte Mining District
in Newfoundland, comprised of the
Stog'er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral
Resource, the fully-permitted Pine Cove Mill and tailings facility,
and approximately 5,800 hectares of prospective gold-bearing
property. Anaconda is also developing the Goldboro Project in
Nova Scotia, a high-grade Mineral
Resource, with the potential to leverage existing infrastructure at
the Company's Point Rousse Project.
The Company also has a pipeline of organic growth opportunities,
including the Great Northern Project on the Northern Peninsula of
Newfoundland and the Tilt Cove
Property on the Baie Verte
Peninsula, also in Newfoundland.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable Canadian and United States securities legislation.
Forward-looking information includes, but is not limited to, use of
proceeds and TSX final acceptance of the private placement.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects", or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would",
"might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the opinions and estimates
of management at the date the information is made, and is based on
a number of assumptions and is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Anaconda to be
materially different from those expressed or implied by such
forward-looking information, including risks associated with the
exploration, development and mining such as economic factors as
they effect exploration, future commodity prices, changes in
foreign exchange and interest rates, actual results of current
production, development and exploration activities, government
regulation, political or economic developments, environmental
risks, permitting timelines, capital expenditures, operating or
technical difficulties in connection with development activities,
employee relations, the speculative nature of gold exploration and
development, including the risks of diminishing quantities of
grades of resources, contests over title to properties, and changes
in project parameters as plans continue to be refined as well as
those risk factors discussed in Anaconda's annual information form
for the fiscal year ended December 31,
2017, available on www.sedar.com.
Although Anaconda has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. Anaconda does not undertake to update
any forward-looking information, except in accordance with
applicable securities laws.
SOURCE Anaconda Mining Inc.