Makena Resources Inc.

October 23, 2013 03:01 ET

Makena Proposes $0.18 Flow Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 23, 2013) - Makena Resources Inc. ("MKN", "Makena" or the "Company") (TSX VENTURE:MKN) is proposing a non-brokered private placement of up to one million units at $0.18 per unit for gross proceeds of $180,000. Each unit will consist of one common share and one transferable non flow through share purchase warrant exercisable at $0.20 per share for a period of five years, subject to approval of the TSX Venture Exchange ("TSX.V").

Proceeds of the flow through offering are expected to be used towards our existing properties, including the Athabasca Uranium Prospect "Patterson Claims". A finder's fee may be paid in accordance with TSX Venture Exchange policy.

The Company is also currently in the process of closing the previously announce placement (Oct. 17, 2013) at $0.12 per unit. Each unit consist of one common share and one transferable share purchase warrant exercisable at $0.18 per share for a period of five years. An initial tranche of $611,000 of the $0.12 private placement is in the process of being closed. The final tranche will be closed by the first week of November.

MKN recently acquired the Patterson Uranium Prospect, which may be prospective for uranium consisting of three claim blocks totaling 6,687 hectares (16,524 acres), which are all located in the Athabasca Basin. The west block directly borders the recent discovery on the Patterson Lake South Property by Alpha Minerals Inc. and Fission Energy Corp. The other two blocks are in the direct vicinity of the discovery (please refer to maps on the Company's website

Makena also holds a 50% interest the Clone property in Stewart, BC. To date, Makena has achieved significant drill results that returned grades of 12.80 m (42ft) of 44.75g/t (1.305oz/t)(12/22/09) gold values including 4.87m (16 ft) of 76.80g/t (2.240oz/t) and a 102 tonne bulk sample that returned grades 4 oz/t or 139.2 g/t gold (10/22/11) over the 102 individually tested tonne samples.

Negar Adam, president of the Company states, "We are pleased at the response to date to the private placement announced earlier this last week, and we look forward to starting operations on the Patterson Claims shortly."

Negar Adam, President, Director

Makena Resources Inc.

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 press release.

Contact Information

  • Makena Resources Inc.
    Negar Adam
    President, Director
    1.604.685.5150 or Toll Free: 1877.225.6755
    1.604.689.1733 (FAX)