Indicator Minerals Inc.

Indicator Minerals Inc.

August 10, 2009 09:00 ET

Indicator Minerals Closes $925,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2009) -


Indicator Minerals Inc. "Indicator" or the "Company") (TSX VENTURE:IME) announced today that it has completed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $925,690.

Indicator issued 713,000 flow-through units at a price of $0.13 per flow-through unit and 8,330,000 non-flow-through units at a price of $0.10 per non-flow-through unit. Each flow-through unit is comprised of one flow-through common share and one half of one share purchase warrant, each whole share purchase warrant exercisable for one common share for a period of 24 months following issuance, at a price of $0.20 per share. Each non-flow-through unit is comprised of one common share and one share purchase warrant, each whole share purchase warrant exercisable for one common share for a period of 24 months following issuance, at a price of $0.20 per share.

Finder's fees in the aggregate amount of $17,852.80 and an aggregate of 172,060 finder's warrants exercisable for up to 172,060 common shares for a period of 24 months following issuance at a price of $0.20 per share were paid to five finders in respect of certain subscriptions in the private placement.

The securities are subject to a hold period and may not be traded until December 8, 2009 except as permitted by Canadian securities legislation and the TSX Venture Exchange.

The independent directors of the Company approved the participation by one director of the Company in the private placement on the same terms as arm's length investors in the aggregate amount of 250,000 units. Security holdings of insiders in the Company have increased as a result of such participation.

Dr. Stewart Blusson of Vancouver, British Columbia reports the purchase of 2,000,000 units of the Company at a price of $0.10 per unit in the private placement. Dr. Blusson reported ownership of 4,800,000 common shares of the Company prior to this private placement. The 6,800,000 common shares and 2,000,000 common share purchase warrants of the Company currently held by Dr. Blusson represent approximately 11.7% of the issued capital of the Company, assuming Dr. Blusson's warrants are exercised. Dr. Blusson announces that he does not have any present intention to acquire ownership of or control over additional securities of the Company, but may increase or decrease his security holdings in the Company for investment purposes. A copy of the early warning report filed by Dr. Blusson is available under the Company's profile on the SEDAR website at and may be obtained by contacting Dr. Blusson at Suite 2801, 323 Jervis Street, Vancouver, British Columbia, V6C 3T8.

Indicator intends to use the proceeds of the private placement to conduct exploration on the Company's properties and for general working capital purposes. Indicator may complete a second tranche of the private placement in due course.

About Indicator Minerals:

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development of economic diamond deposits. Founded in 2004, the Company has assembled one of the most qualified technical teams in worldwide diamond exploration. The Company is exploring more than 2.74 million acres of targeted ground in the Canadian arctic and has four key projects in Nunavut: Darby, Borden, Grail and Nanuq North. The Company's management has quickly positioned the Company to be a sophisticated player in both Canadian and international diamond exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs. Indicator is a member of the Discovery Group of Companies.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO

Some statements in this release contain forward-looking information. These statements include, but are not limited to, statements with respect to the use of proceeds and the completion of additional financings. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the completion of use of proceeds and the timing and success of future financings.

Neither the TSX Venture Exchange 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.

Contact Information

  • Indicator Minerals Inc.
    Bruce Counts
    President & CEO
    (604) 331-4605 or Toll Free: 1-877-331-4605
    (604) 331-4654 (FAX)