Indicator Minerals Inc.

Indicator Minerals Inc.

July 14, 2010 18:57 ET

Indicator Minerals Closes Final Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2010) - Indicator Minerals Inc. ("Indicator" or the "Company") (TSX VENTURE:IME) announced today that it has completed the final tranche of its previously announced non-brokered private placement of flow-through and non-flow-through units. 

At the closing Indicator issued 2,037,500 non-flow-through units (the "Units") at a price of $0.12 per Unit for gross proceeds of $244,500 (the "Private Placement"). Each Unit is comprised of one non-flow-through common share and one transferable share purchase warrant of the Company (the "Warrants"). Each Warrant is exercisable to purchase one common share of the Company at a price of $0.16 per share until July 14, 2012, subject to an acceleration provision in the event the closing price of the Company's shares on the TSX Venture Exchange (the "Exchange") exceeds $0.24 for at least 10 consecutive trading days.

Finder's fees consisting of $714 and 5,950 non-transferable broker warrants, representing 7% of the proceeds raised and 7% of the number of Units issued, respectively, were paid to a finder in respect of a subscription under the Private Placement. The broker warrants have the same terms as the Warrants (except as to transferability).

All securities issued or issuable under the Private Placement are subject to a hold period and may not be traded until November 15, 2010 except as permitted by Canadian securities legislation and the Exchange.

A total of $1,744,500 gross proceeds were raised by Indicator pursuant to the private placement of flow-through and non-flow-through units. Indicator intends to use the proceeds to conduct exploration on the Company's properties in Nunavut and, as to non-flow-through proceeds, for general working capital. 

Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including use of financing 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.
/s/"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)