SLAM Closes $620,000 Private Placement; Shares Up 8%
SLAM Exploration Ltd. (SXL.V) has completed its previously announced private placement to raise $617,400 through the issuance of 8,820,000 flow-through units at seven cents per unit. Each unit is comprised of one common share in the capital of the company issued on a flow-through basis and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one non-flow-through common share at a price of 10 cents for 12 months and at a price of 20 cents for an additional 12 months thereafter, expiring 24 months after the date of issuance.
All private placement securities are subject to a four month hold period that expires on April 23, 2012. The proceeds of the Private Placement will be used to fund exploration on the Company's gold and base metal projects in New Brunswick and Ontario. The Private Placement remains subject to final approval of the TSX Venture Exchange
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