HALIFAX, NOVA SCOTIA--(Marketwire - Sept. 27, 2012) - Colin J. MacDonald, President and CEO of Atlantic Industrial Minerals Incorporated. ("AIM") (TSX VENTURE:ANL.H) announces:
Reefton Gold Project
AIM has concluded an option to purchase from CanAlaska Uranium Inc. a 100% interest in the 14,000 hectare Reefton Gold Project in South Island, New Zealand. The option cost is C$300,000 and 300,000 shares payable over time until April 30, 2015. AIM must also pay lease rentals to the New Zealand government in the amount of approximately C$50,000 per annum, and conduct an exploration program including 1,500 metres of drilling by December 31, 2014. CanAlaska Uranium Inc. will retain a 2% NSR subject to a 50% buy-back for C$1,000,000. A finder's fee of 300,000 shares (payable 100,000 shares upon TSX acceptance and 200,000 shares upon final exercise of the option) will be paid. The option agreement and finder's fee are subject to TSX acceptance.
Private Placement Update
AIM has closed a first tranche (700,000 shares at $0.075 per share to net $52,500 to treasury) of the private placement announced August 8, 2012. The shares are subject to a four month hold period expiring Jan 6, 2013
AIM is amending the terms of the private placement to increase the original 1,000,000 common shares at $0.075 per share to up to 1,033,333 common shares totalling $77,500. The 'flow through' component of the placement at (750,000 shares at $0.10 per share totalling $75,000) remains unchanged. A finder's fee may be paid on all or part of the remainder of the placement.
On behalf of the Board
Colin J. 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.