HERE ARE THE "DRILLING $$s"
St. Elias Mines Ltd. Arranges $2,025,000 Private Placement
10:19 AM ET, March 10, 2010
Mar 10, 2010 (TheNewswire.ca via COMTEX) -- (via Thenewswire.ca)
Lori McClenahan, President of St. Elias Mines Ltd. (the "Company"), announces that the Company has arranged a non-brokered private placement of 2,700,000 units at a price of
.75 per unit, for total proceeds of $2,025,000. Each unit will consist of one common share of the Company and one non-transferable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the Company at a price of $1.00 for a period of 12 months following closing. The proceeds of the private placement will be used for exploration expenditures on the Company's Tesoro Gold Project in Peru and for working capital.
The Company has granted incentive stock options to certain of the Company's directors, officers, employees and consultants to purchase up to 600,000 common shares under the Company's Stock Option Plan. The options will be granted for a period of two years, commencing on March 10, 2010, at a price of
.75 per share