News: FinancingVancouver, British Columbia, February 23, 2011 - ExpeditionMining Inc. (TSX-V: EXU) (the "Company") is pleased to announce that ithas arranged the non-brokered private placement of up to 3,500,000 units(the "NFT Units") of the Company at a price of CDN
.32, and of up to2,625,000 flow-through units (the "FT Units") of the Company at a priceof CDN
.40, for aggregate gross proceeds of up to CDN $2,170,000 (the"Offerings").
Each NFT Unit will comprise of one common share of the Company and onehalf of a common share purchase warrant (each whole such warrant a "NFTWarrant"). Each NFT Warrant may be exercised by the holder into onecommon share of the Company at an exercise price of CDN
.50 for aperiod of 18 months from closing except that, if after the expiry of allresale restrictions, the closing price of the Company's shares on theTSX Venture Exchange is
.75 or greater for a period of 10 consecutivetrading days, the Company may give notice of an earlier expiry of theNFT Warrants, in which case they will expire 21 days after the giving ofsuch notice.
Each FT Unit will comprise of one flow-through common share of theCompany and one half of a common share purchase warrant (each whole suchwarrant a "FT Warrant"). Each FT Warrant may be exercised by theholder into one common share of the Company at an exercise price of CDN
.55 for a period of 18 months from closing except that, if after theexpiry of all resale restrictions, the closing price of the Company'sshares on the TSX Venture Exchange is CDN
.75 or greater for a periodof 10 consecutive trading days, the Company may give notice of anearlier expiry of the FT Warrants, in which case they will expire 21days after the giving of such notice. The Company will use itsreasonable efforts to renounce the flow-through proceeds for the 2011taxation year.
The Company will pay finder's fees equal to 5% of subscription amountsfound, payable in cash or units at the election of the finder, with thenumber of such finder's units calculated using a price of CDN
.32 andhaving the same terms as the NFT Units, plus issue finder's warrants inan amount equal to 5% of NFT plus FT Units subscribed for, with eachsuch finder's warrant to be exercisable into one common share of theCompany at a price of CDN
.80 for 18 months from closing.
Closing of the Offerings is anticipated to occur on or before March 16,2011. The private placements are subject to TSX Venture Exchangeacceptance and required regulatory approvals. All of the securitiesissued pursuant to this offering will have a hold period expiring fourmonths after the closing date.
The proceeds from the Offerings will be used to continue exploration onExpedition's Yukon and Nevada projects and for general working capitalpurposes.
Expedition Mining Inc. (TSX-V: EXU) is a publicly held Canadianexploration company focused on acquiring, exploring and developing goldproperties located in favourable geo-political climates. The company isled by a highly skilled, experienced board and management team withsignificant successes in managing early stage mineral explorationcompanies. For additional information concerning Expedition Mining Inc.or its various exploration projects please visit Expedition's websiteat
www.expeditionmining.com.