HALIFAX, NOVA SCOTIA--(Marketwire - Aug. 8, 2012) - Colin J. MacDonald, President and CEO of Atlantic Industrial Minerals Incorporated. ("AIM") (NEX:ANL) announces the company will proceed with a private placement of up to C$150,000.
AIM will proceed with a private placement of up to C$150,000. The non-brokered private placement will be comprised of up to 1,000,000 common shares at a price of $0.075 per share totalling $75,000 and up to 750,000 'flow through' common shares at a price of $0.10 per share totalling $75,000. The proceeds from the placement will be used for required assessment work on the company's Glencoe property, payment of the non-refundable deposit on the Glencoe-Kewstoke acquisitions, and for general corporate purposes including reduction of accounts payable. The placement is subject to regulatory approval. The directors of the company may participate in this placement.
The acquisition of the outstanding 50% interest in Glencoe Resources Inc. and a 100% interest in the Kewstoke carbonate property for 6,000,000 common shares, 2,000,000 share purchase warrants exercisable at $0.10 per share for 12 months, a $50,000 cash payment and an $85,000 exploration work commitment was accepted by the NEX on January 13, 2012. The acquisition is expected to close during August 2012. The $85,000 exploration work commitment has been satisfied, and due to current conditions in the financial markets a deferral of the $50,000 cash payment has been agreed with the vendors. Documentation is in process and once completed closing of the acquisition will follow.
On behalf of the Board
Colin MacDonald, President & CEO
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Neither the NEX 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.