Business
Adamera Minerals Announces C$2 Million Private Placement Financing
Vancouver, British Columbia - TheNewswire - June 18, 2024 - Adamera Minerals Corp. (TSX-V: ADZ; OTC: DDNFF) announces a $2,000,000 financing involving the issua
About this update from Adamera Minerals Corp.
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - June 18, 2024 - Adamera Minerals Corp. (TSX-V: ADZ; OTC: DDNFF) announces a $2,000,000 financing involving the issuance of 8,000,000 units at a price of $0.25. Each unit will comprise one common share and one-half warrant. Each full warrant will be exercisable at a price of $0.30 for a period of 5 years. The warrant will have an acceleration provision whereby the warrants must be exercised within 30 days after the stock trades at a price of $0.40 or more for at least 10 consecutive days. The proceeds of the financing will be used for exploration on Adamera’s drill-ready gold-silver-copper targets and ongoing administration. Mr. Mark Kolebaba, President and CEO comments “This financing is particularly meaningful when one considers our tight share structure, market conditions and a news flow that will be dominated by drilling results. We intend to keep our overheads and operating costs very low. Importantly, we look forward to getting some exciting news to our investors.” For many years, Adamera focused on land acquisitions, target development and limited drilling on targets situated in relatively close proximity to previously mined deposits. That work almost invariably intersected gold mineralization that could be described as “proof of concept discoveries.” Our limited exploration budgets severely constrained the scope of drilling programs and denied our ability to undertake follow up drilling. Adamera is reintroducing its projects in anticipation of a significant work program. The Company also reiterates the importance of larger drill programs allowing for the testing of 15 to 20 targets. Adamera will continue with drill permitting on multiple targets. The Projects Northeast Washington State is known for hosting high-grade gold deposits. It is part of a region that extends between B.C. and Washington State that produced over 17 million ounces of gold. The Washington State contribution is 8 million ounces of gold at an average grade of 14.5 grams per tonne. Buckhorn Gold Property Adamera’s strategy has been to acquire gold properties over and/or around past producing high-grade gold mines. The Buckhorn 2.0 Property, which surrounds the Buckhorn gold deposit, is a good example of this. Kinross Gold Corp. (“Kinross”) mined Buckhorn from 2008 to 2017 to recover a report...