Indicator Minerals Inc.

Indicator Minerals Inc.

May 16, 2008 17:11 ET

Indicator Minerals Closes $725,000 Private Placement with Munic Gems

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that it has closed the previously announced (News Release 08-05, March 18, 2008) first stage private placement with Munic Gems N.V. for aggregate gross proceeds of $725,000. TSX Venture Exchange approval has been received.

The private placement consisted of 2,500,000 units at a price of $0.29 per unit. Each unit is comprised of one common share and one warrant to purchase one common share. Each warrant is exercisable for one common share for a period of 24 months following issuance, at a price of $0.36 per share.

The securities are subject to a hold period and may not be traded for 4 months and 1 day from date of issue (September 17, 2008), except as permitted by Canadian securities legislation and the TSX Venture Exchange.

The Company intends to use the proceeds of the private placement for general working capital purposes.

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery of economic diamond deposits. Founded in 2004, the company has assembled a highly qualified technical team, experienced in worldwide diamond exploration. Indicator is exploring more than 5.5 million acres of targeted ground in the Canadian arctic and has three key projects in Nunavut: Darby, Barrow and Nanuq North. Indicator's management has 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.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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