Iconic Minerals Ltd.

Iconic Minerals Ltd.

March 29, 2012 16:40 ET

Iconic Closes $1,500,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2012) -


Iconic Minerals Ltd. (the Company) (TSX VENTURE:ICM)(FRANKFURT:YQG) announces that it has closed the private placement announced in a News Release dated March 2, 2012. On March 27, 2012 the Company received acceptance from the TSX Venture Exchange to close the private placement.

In accordance with the provisions of the Subscription Agreements, on March 29, 2012, the Company issued a total of 20,000,000 Units at $0.075 per Unit, each Unit consisting of one common share and one share purchase warrant, each warrant entitling the holder to purchase one (1) additional common share at $0.15 per share on or before March 28, 2013, and thereafter at $0.25 per share on or before March 28, 2014.

These shares and any shares issued on exercise of the warrants will be subject to a hold period under applicable Canadian securities laws expiring on July 30, 2012, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

The Company paid finders' fees totaling $70,345 in cash in connection with this financing.

Three directors and/or officers of the Company, together with the spouse of a director, have directly or indirectly subscribed for a total of 1,100,000 Units, and upon closing of this private placement, those related parties may therefore acquire an additional 2,200,000 shares in the capital stock of the Company (including shares that may be issued on exercise of warrants issued in this financing) which will increase their pro rata shareholdings in the Company (the "Related Party Transaction"). All of the independent directors of the Company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and, with the value of the Related Party Transaction being less than 25% of the Company's market capitalization, is exempt from the formal valuation and minority shareholder approval requirements of the Ontario Securities Commission's Rule 61-501.

On behalf of the Board of Directors

Richard Barnett, Chief Financial Officer

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

For further information on ICM, please visit our website at www.iconicmineralsltd.com.

The Company's public documents may be accessed at www.sedar.com.

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.

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