VANCOUVER, British Columbia,
Oct. 7, 2011 /PRNewswire/ --
Lori McClenahan, President of St.
Elias Mines Ltd. (TSX-V: SLI; Frankfurt: EKL; U.S. Clearing Symbol: SELSF)
(the "Company"), is pleased to announce that the Company has closed
a non-brokered private placement previously announced on
August 17, 2011. The private
placement consists of 2,500,000 units at a price of $1.80 per unit raising gross proceeds of
4,500,000. Each unit consists of one common share and one
share purchase warrant. Each whole warrant entitles the
holder to purchase an additional common share at a price of
$2.10 per share for 12 months
expiring on October 7, 2012. In
connection with the private placement, finders' fees of 8%,
totaling $14,508 cash and issuing
2,340 shares were paid. The finder's shares are also at a
price of $1.80 per share. The Private
Placement is subject to regulatory acceptance.
In accordance with securities legislation currently in effect,
the securities issued will be subject to a "hold period" of four
months plus one day from the date of closing, expiring February 8, 2012.
The proceeds of the private placement will be used for
exploration expenditures on the Company's properties and for
general working capital.
For additional information on St. Elias and its projects, please
visit us at www.steliasmines.com or call 1-888-895-5522
(toll free US and Canada) or
contact:
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European
Consultant
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U.S. Investor Relations
Consultant
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Michael Kott
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Herbert Haft
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CM-Equity AG & Co. KG
Financial Service
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The Haft Group, Inc.
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Tel: 011 4989 1890 474
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Tel: (212)
759-8865
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Email:
kott@cm-equity.de
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Email: herbhaft@haftgroupinc.com
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herbhaft@aol.com
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ST. ELIAS MINES LTD.
(signed "Lori
McClenahan")
Lori McClenahan, President
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or the accuracy of the
contents of this document.
This News Release may contain forward-looking statements
including, but not limited to, comments regarding the timing and
content of upcoming work programs, geological interpretations,
potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such
statement.
SOURCE St. Elias Mines Ltd.