January 03, 2012 11:50 ET
Thundermin Completes $1,219,140 Flow Through Private Placement
TORONTO, ONTARIO--(Marketwire - Jan. 3, 2012) - Thundermin Resources Inc. ("Thundermin") (TSX:THR) announces that it has completed a non-brokered private placement financing for $1,219,140 (the "Offering") through the issuance of 9,378,000 flow-through units ("Units") at a price of
.13 per Unit to accredited investors.
Each Unit consisted of one flow-through common share and one half of one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase an additional common share of Thundermin at a price of
.20 per share on or before June 24, 2013. Each warrant will be subject to an early call provision. In the event that Thundermin's shares trade at a weighted average price of
.40 per share for a period of at least 20 consecutive trading days, Thundermin will have the right, upon giving notice in writing to the warrant holders, to accelerate the expiry date of the Warrants to the date that is 30 days from the date that notice was provided.
Thundermin paid a cash commission of $71,168 and issued 547,449 options (the "Finder's Options") with respect to the Offering. The Finder's Options can be exercised at a price of
.13 per common share on or before June 24, 2013.
The proceeds of the Offering will be used to fund Thundermin's exploration projects in Canada that qualify as "Canadian exploration expenses" under the Income Tax Act (Canada). In particular, the funds will be used for on-going diamond drilling programs on the Little Deer and Whalesback Copper Deposits located approximately 10 km north of Springdale in north-central Newfoundland, for an initial diamond drilling program on Thundermin's Lebel gold property located in Kirkland Lake and for additional geophysical surveys and diamond drilling on Thundermin's Stirling zinc-lead-copper-silver-gold project on Cape Breton Island, Nova Scotia.
About Thundermin
Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in, 12 base metal and gold properties in Canada. The most significant of these is the Little Deer copper property in the Springdale area of Newfoundland where Thundermin and 50% joint venture partner Cornerstone Resources Inc. have outlined Indicated Mineral Resources of 1,911,000 tonnes grading 2.37% copper and Inferred Mineral Resources of 3,748,000 tonnes grading 2.13% copper. A positive Preliminary Economic Assessment that indicates that there is potential to develop the Little Deer Copper Deposit on an attractive economic basis at current metal prices was announced on November 1, 2011 and filed on SEDAR on December 15, 2011. Thundermin owns a 100% interest in the Lebel Township gold property, which is located on the Kirkland Lake Main Break in the prolific Kirkland Lake gold camp. Thundermin recently acquired the right to earn a 100% interest in eight exploration licenses covering a large portion of the Stirling volcanogenic massive zinc-lead-copper-silver-gold sulphide belt located on Cape Breton Island, Nova Scotia. Thundermin has royalty interests in 28 base metal and gold properties located in Manitoba, Saskatchewan, British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to Alexis Minerals Corporation. Thundermin also has various shareholdings in thirteen other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and diamond deposits in
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