Thundermin Resources Inc.
TSX : THR

Thundermin Resources Inc.

March 04, 2011 17:00 ET

Thundermin Completes $1 Million Flow Through Private Placement

TORONTO, ONTARIO--(Marketwire - March 4, 2011) - Thundermin Resources Inc. ("Thundermin") (TSX:THR) announces that it has completed a non-brokered private placement financing for $1,007,310 (the "Offering") through the issuance of 3,847,270 flow-through units ("Units") at a price of $0.26 per Unit to accredited investors.

Each Unit consisted of one flow-through common share and one half of one non-transferable common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase an additional common share of Thundermin at a price of $0.35 per share on or before September 3, 2012. Each Warrant will be subject to an early call provision. In the event that Thundermin's shares trade at a weighted average price of $0.60 or more per share for a period of at least 20 consecutive trading days, Thundermin will have the right, upon giving notice in writing to the warrant holders, to accelerate the expiry date of the Warrants to the date that is 30 days from the date that notice was provided.

Thundermin paid a cash commission of $57,500 and issued 189,439 compensation options on a portion of the Offering. The Compensation Options may be exercised at a price of $0.26 per common share on or before September 3, 2012.

The proceeds of the Offering will be used to fund Thundermin's exploration projects in Canada that qualify as "Canadian exploration expenses" under the Income Tax Act (Canada). In particular, the funds will be used for on-going diamond drilling programs on the Little Deer Copper Deposit which is located approximately 10 km north of Springdale in north-central Newfoundland and for an initial diamond drilling program on Thundermin's Lebel gold property located on the Kirkland Lake Main Break in Kirkland Lake.

About Thundermin

Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in 11 base metal and gold properties in Canada. Thundermin also has royalty interests in a further 28 base metal and gold properties located in Manitoba, Saskatchewan, British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to Alexis Minerals Corporation. Thundermin also has various shareholdings in thirteen other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and diamond deposits in Canada.

Forward-Looking Statements

This news release may contain "Forward-Looking Statements" that involve risks and uncertainties, such as statements of Thundermin's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify "Forward-Looking Statements". Although Thundermin believes that its expectations reflected in these "Forward-Looking Statements" are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings that can be viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behavior of financial and metals markets and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our "Forward-Looking Statements". Although Thundermin believes the facts and information contained in this news release to be as correct and current as possible, Thundermin does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release.

For further information on Thundermin Resources Inc. please visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.

Contact Information

  • Thundermin Resources Inc.
    John B. Heslop
    President & CEO
    (647) 344-1167
    or
    Thundermin Resources Inc.
    James W. Gill
    Chairman
    (416) 450-1851
    info@thundermin.com