Indicator Minerals Inc.

Indicator Minerals Inc.

October 13, 2010 11:00 ET

Indicator Minerals Announces $400,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2010) -


Indicator Minerals Inc. (the "Company") (TSX VENTURE:IME) today announced that it intends to complete a non-brokered private placement of up to $400,000, comprised of units at a price of $0.08 per unit, subject to TSX Venture Exchange approval.

Each unit will consist of one common share and one common share purchase warrant. Each common share purchase warrant will be exercisable into one common share for a period of 24 months from closing at a price of $0.12 per share, subject to an acceleration provision in the event the closing price of the Company's shares on the Exchange is $0.16 or greater for at least 10 consecutive trading days.

All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement. The Company may pay finder's fees in connection with the private placement. The Company intends to use the proceeds of the private placement to advance Indicator's exploration properties and for general working capital purposes.

About Indicator Minerals:
Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development of economic mineral deposits. Founded in 2004, the Company has assembled one of the most qualified technical teams in worldwide exploration. Management has quickly positioned the Company to be a sophisticated player in both Canadian and international exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs.

Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including the proposed completion of financings, use of proceeds and exploration programs. Actual results could differ materially from those described in this news release as a result of factors, including, but not limited to the following: the timing and completion of financings, the actual use of proceeds, the timing, results and success of exploration and development programs, financial arrangements, the ability to obtain additional financing, developments in global resource markets, political developments, the timing of regulatory and environmental approvals and other factors. The Company cautions that these and similar statements involve risk and uncertainties, which could cause actual results to differ materially from those in the forward looking statement. Forward–looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO

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 T.F.: 1-877-331-4605
    (604) 331-4654 (FAX)