VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 4, 2015) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce the offering of a non-brokered private placement financing of 10,000,000 units (the "Units") of Magellan at a price of $0.05 per Unit, for gross proceeds of up to $500,000. Each Unit will consist of one common share and one share purchase warrant. Each warrant will be exercisable into one additional common share at an exercise price of $0.10 per common share for a period of 18 months from the closing date.
The proceeds from the private placement will be used for general working capital purposes.
Closing of the private placement will be subject to approval of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four month hold period under Canadian securities laws.
The securities offered will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Magellan Minerals (TSX VENTURE:MNM) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Coringa project contains underground Measured resources of 110,000oz of gold (0.27 Mt @ 12.8 g/t gold) and underground Indicated resources of 443,000oz of gold (1.91 Mt @ 7.2 g/t gold) as well as Inferred resources of 360,000 oz of gold (2.0Mt @ 5.4 g/t gold) at a cut-off of 2.5 g/t gold. (See the Company's news release dated April 8, 2015). The Cuiu Cuiu project contains 100,000 oz of gold in the Indicated category (3.4 Mt @ 1.0 g/t gold) and 1,200,000 oz of gold in the Inferred category (31 Mt @ 1.2 g/t gold). (See the report entitled "Resource Estimate and Technical Report for the Cuiu Cuiu Project, Tapajos Region, North Central Brazil" dated April 19, 2011 and filed on Sedar on April 21, 2011, and the Company's news release dated March 8, 2011).
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.
News release #2015-5
