Messina Minerals Inc. Closes Private Placement
November 12 2010 - 7:27PM
Marketwired
Messina Minerals Inc. (TSX VENTURE: MMI) (the "Company") is pleased
to announce that it has closed its recently announced non-brokered
equity private placement (see News Release October 13, 2010) by the
issuance today of 1,220,000 units at a price of $0.10 per unit for
gross proceeds to the Company of $122,000. Each non flow-through
unit consists of one common share and one non-transferable common
share purchase warrant of the Company. Each warrant, expiring on
March 12, 2012, entitles the holder to purchase one common share of
the Company at a price of $0.15. In addition, Messina has closed
the flow-through portion of the private placement by the issuance
today of 3,564,167 flow-through units at a price of $0.12 per
flow-through unit for gross proceeds to the Company of $427,700.
Each flow-through unit consists of one flow-through common share
and one-half of one non-transferable common share purchase warrant.
Each whole warrant, expiring on March 12, 2012, entitles the holder
to purchase one non flow-through common share of the Company at a
price of $0.15. Proceeds received from the private placement are
intended to be used to continue exploration work on the Company's
properties in central Newfoundland and for general corporate
purposes.
Finders' fees were paid to arms-length parties to the Company by
way of the issuance of 188,400 finders' units. The finders' units
are the same as the non flow-through units.
All securities issued pursuant to this private placement are
subject to a four month hold period that expires on March 13,
2011.
Peter Tallman President and CEO stated, "With completion of this
financing, Messina can begin a sustained exploration program on its
central Newfoundland properties targeting zinc mineralization at a
time of increasing demand for the metal and forecast mine
production shortfalls."
ON BEHALF OF THE BOARD OF DIRECTORS OF MESSINA MINERALS INC.
Steve Brunelle, Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Messina Minerals Inc. Peter Tallman President (604)
688-1508 (604) 601-8253 (FAX) info@messinaminerals.com
www.messinaminerals.com
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