Acero-Martin Closes Second Tranche of Private Placement
October 09 2008 - 12:40PM
Marketwired
Acero-Martin Exploration Inc. (TSX VENTURE: ASD)(FRANKFURT: AMX)
("Acero-Martin" or the "Company") announces that, further to its
news release dated September 15th, 2008, it has closed the second
tranche of its non-brokered private placement, issuing a total of
3,690,151 Units at 6 cents per Unit for gross proceeds of $221,409.
Combined with the first tranche, which closed on September 15th,
the gross proceeds raised from both tranches of the private
placement total $1,860,134.
Each Unit consists of one common share of the Company ("Share")
and one half of one share purchase warrant ("Warrant"). Each whole
warrant entitles the holder to purchase one Share of the Company
for a period of 12 months after the closing date at a price of 10
cents per Share.
No finder's fees were paid in connection with the closing of the
second tranche of the placement. All of the securities issued
pursuant to the private placement, including any shares issued on
the exercise of warrants, are subject to a four-month hold period
expiring February 9th, 2009.
The proceeds from the private placement will be used for the
continued exploration and development of the Pinaya gold-copper
project in southern Peru and for general working capital
purposes.
About Acero-Martin Exploration Inc.
Acero-Martin Exploration Inc. is a resource company focused on
creating shareholder value by exploring for precious and base
metals, with the immediate goal of defining a major deposit at its
100 percent-owned Pinaya Project located in Peru. The Pinaya
Project has an initial NI 43-101-compliant indicated resource of
29.13 million tonnes grading 0.53 g/t Au and 0.42% Cu (498,000 oz
Au and 269 million lbs Cu) and an inferred resource of 12.72
million tonnes grading 0.41 g/t Au and 0.41% Cu (168,000 oz Au and
115 million lbs Cu). Subsequent to this estimate, Acero-Martin has
continued to define the deposit by drilling an additional 90 holes
bringing the project totals to more than 45,000 meters and 160
holes.
ON BEHALF OF THE BOARD OF DIRECTORS
Stewart Jackson, PhD, P. Geol., President and CEO
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the Company by
Dr. Stewart Jackson, P.Geol., President and CEO of Acero-Martin,
and a qualified person.
This news release has been prepared by management. This document
contains certain forward looking statements which involve known and
unknown risks, delays, and uncertainties not under the Company's
control which may cause actual results, performance or achievements
of the Company to be materially different from the results,
performance or achievements implied by these forward looking
statements. We seek safe harbor.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Acero-Martin Exploration Inc. Investor Relations
1-877-646-0067 (604) 646-0640 (FAX) Email: info@acero-martin.com
Website: www.acero-martin.com
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