Vancouver, BC / ACCESWIRE / June 3, 2014 / St. Elias Mines Ltd. (SLI-TSX-V) announces the following corporate update.
Subject to regulatory approval, the Company has closed $10,000 of the non-brokered private placement of up to 5,000,000 units at a price of $0.05 previously announced on April 23, 2014 (the "Private Placement"). The Company has issued 200,000 units at a price of $0.05 per unit. Each unit consists 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 $0.10 for a period of 24 months following closing. All securities issued in connection with the Private Placement are subject to a four-month hold period expiring October 4, 2014.
The Private Placement remains open. The additional proceeds of the Private Placement, if any, are intended to be used to pay annual government fees for the Company's Peruvian and B.C. properties, audit fees and for working capital. Interested purchasers can contact Lori McClenahan or Cathy Forhane for subscription documents.
The Company has found it extremely difficult to raise money with the current trading price of the Company's shares.
Vigencias (annual fees paid to the Peruvian government) to keep the Peruvian properties in good standing are due at the end of June, 2014. At present, the Company is not in a position to meet this obligation.
Fees to complete the Company's annual audit for the period June 1, 2013 to May 31, 2014 are due to be paid. At present, the Company is not in a position to meet this obligation.
The Company is open to any serious offers to acquire any properties in its portfolio. All technical information regarding the Company's properties is in the public domain. Interested purchasers may send purchase proposals to the Company's CFO, Kulwant Sandher at [email protected]
For additional information on St. Elias and its projects, please visit us at www.steliasmines.com or call
1-888-895-5522 (toll free US and Canada) or contact:
ST. ELIAS MINES LTD.
(signed "Lori McClenahan")
Lori McClenahan,
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: St. Elias Mines Ltd.