Matamec Explorations inc.

Matamec Explorations inc.

April 04, 2007 10:17 ET

Matamec Closes $400,000 Debenture for Uranium Projects

MONTREAL, QUEBEC--(CCNMatthews - April 4, 2007) - Matamec Explorations Inc. ("Matamec") (TSX VENTURE:MAT) is pleased to announce that it has closed a $400,000 debenture with Jones Gable & Company Ltd. (Jones Gable) with an annual interest rate of 9%. In addition, Jones Gable will receive one (1) warrant to purchase one half (1/2) share of Matamec for every one dollar ($1) of loan at $0.35 per share until the earlier of the maturity date or the 30th day after receipt of a notice from Matamec that the weighted average price of the common shares of the company has been equal to or greater than $0.35 for a period of twenty (20) consecutive trading days. The debenture is subject to the approval of regulatory authorities.

The funds will be allocated mainly to 1) acquire new uranium properties as Matamec is presently evaluating the uranium potential of other properties and 2) pay the costs associated with the final structure of the transfer of its uranium properties into a wholly-owned subsidiary. When Matamec has received the regulatory approval, the Board of Directors will provide the details and the timing of the transfer.

This debenture is intended for a short term use and Matamec plans in the near future to negotiate a private placement to reimburse it.

About Matamec

Matamec is a mining exploration company which is exploring for significant gold and uranium deposits in Ontario and in Quebec. For gold, it has mainly targeted the East Timmins mining camp where certain properties have not been fully investigated on surface and/or at depth. Furthermore, it has 8 exploration projects in Quebec, 4 of which focus on uranium.

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

Contact Information

  • Matamec Explorations Inc.
    Andre Gauthier
    Matamec Explorations Inc.
    Michael D'Amico
    Investor Relations