TORONTO, ONTARIO -- (Marketwired) -- 04/29/13 -- Eskay Mining Corp. ("Eskay" or the "Company") (TSX VENTURE: ESK) is pleased to announce that further to its press release of April 15, 2013, it has closed the final tranche of its units offering.
The Company issued an additional 1,100,000 working capital units (the "WC Units") priced at $0.05 per WC Unit for gross proceeds of $55,000.00. Each WC Unit consists of one (1) common share (the "Common Share") and one-half (1/2) of a share purchase warrant (a "WC Warrant"). Each full WC Warrant entitles the holder to acquire a further Common Share of the Company at a price of $0.10 per Common Share until the earlier of: (i) October 25, 2014; and (ii) in the event that the closing price of the Common Shares on the TSX Venture Exchange is at least $0.15 for twenty (20) consecutive trading days, and the 20th trading day (the "Final Trading Day") is at least four (4) months from April 25, 2013, the date which is thirty (30) days from the Final Trading Day (the "Trigger Date"). The Company paid a finders fee of $4,400.00 and issued 88,000 broker options in respect of the final tranche. Each broker option entitles the holder to acquire a Common Share at the price of $0.10 until the earlier of: (i) October 25, 2014; and (ii) the Trigger Date. The securities are legended and restricted from trading until August 26, 2013.
The funds will be used for general working capital.
Eskay is pleased to announce that it is adding James A. Rogers, P.Geo. to its advisory team. Mr. Rogers is a registered Professional Geoscientist (Ontario & BC) with over 30 years' experience in the Canadian mining industry. Until recently, Mr. Rogers was a Director, President and CEO of Mega Precious Metals Inc. and prior to that, he was the Regional Exploration Manager for Goldcorp Inc. located in Ontario's Red Lake Gold Camp. He was awarded the CIM Professional Proficiency medal in 1988 when he was Chief Mine Geologist at Dickenson Mine, predecessor to the current Red Lake Gold Mines. The first exploration drill holes into what ultimately became Goldcorp's High Grade Gold Zone were drilled on Mr. Rogers' watch. From 1994 to 2003, Jim was Chief Geologist at the Eskay Creek Mine where he was part of the team that received the E.A. Schultz Award for Mine Development. Mr. Rogers stated "I am excited to be part of the Eskay team and to have the opportunity to work in such a metal rich, underexplored and exciting part of BC." Mac Balkam, President and CEO of Eskay, commented that "The addition of Jim Rogers with his past experience gained at the Eskay Creek Mine will greatly help the Company evaluate the numerous gold showings on the Eskay Property. He brings relevant exploration and development experience that will be invaluable to Eskay."
The Company also wishes to announce that Mr. Rogers has been granted 250,000 options to purchase common shares of the Company at $0.15 per share for five years.
About Eskay Mining Corp:
Eskay Mining Corp (TSX VENTURE: ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals in British Columbia in a highly prolific, poly metallic area known as the Eskay Rift Belt located in the "Golden Triangle", 70km northwest of Stewart, BC. The company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).
All material information on the Company may be found on its website at www.eskaymining.com and on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
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 of the adequacy or accuracy of this release.
Eskay Mining Corp.
President & Chief Executive Officer
416 907 6151
Most Popular Stories
- Obama's Delay on Immigration Creates Uncertainty
- Obama on Labor Day: Don't Take Rights for Granted
- Americans Still Pessimistic Despite Economic Growth
- California Passes First US Statewide Bag Ban
- New Hershey's Logo Revealed
- Buyer's Remorse on Common Core for Policymakers?
- Mexico's Pemex Forecasts 6.7% Drop in 2014 Crude Production
- American Airlines Back on Obitz
- Echeveste Steps Down, Perez Steps Up at VPE
- Startups Offer Smartphone Banking Apps