Matamec Closes a $550,000 Private Placement
Matamec Explorations Inc. (“Matamec” or the “Company” - TSX-V: MAT) is pleased to announce that it has closed a non-brokered private placement for gross proceeds of $550,000 (the “Offering”). The proceeds from the Offering will be used by the Company for it REE-Y-Zr Zeus property and for its working capital.
The private placement consists of 2,750,000 units at a purchase price of $0.20 per unit. Each unit is comprised of one (1) common share and a one (1) warrant, each warrant entitling the holder to purchase one (1) common share at a price of $0.25 per share of the Company for a period of twelve (12) months following the closing date. Moreover, following the expiry of the applicable hold period, all warrants will expire within a delay of thirty (30) days from the receipt of a written notice from the Company advising the warrant holder that its shares have been trading at $0.27 or more for a period of ten consecutive trading days.
Also, the Company issued 275,000 non-transferable warrants entitling to purchase same number of common share of the Company at a price equal to $0.20 per share for a period of twelve (12) months following the closing date. Under applicable securities legislation, the securities issued under the offering are subject to a 4 month hold period expiring on January 18, 2011.
Matamec explores for significant gold deposits in the Timmins mining camp in Ontario of which the Matheson JV property with Goldcorp Canada Ltd. and Goldcorp Inc. is the main target. In Quebec. the Company explores for precious and base metals on its Sakami, Valmont and Vulcain properties. As well, Matamec is exploring for gold together with Northern Superior Resources Inc. on its Lepérance/Wachigabau property. Concurrently with the above mentioned exploration programs, Matamec’s Quebec Tansim property is also being explored for rare metals such as lithium, tantalum and niobium.
