June 03, 2013 11:36 ET

SLAM Announces $800,000 Private Placement

MIRAMICHI, NEW BRUNSWICK--(Marketwired - June 3, 2013) -

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SLAM Exploration Ltd. (TSX VENTURE:SXL) (the "Company") announces a private placement of up to 10,000,000 flow-through units (the "FT Units") at a price of $0.05 per Unit and up to 6,000,000 non-flow-through units (the "Units") at a price of $0.05 per Unit for gross proceeds of up to $800,000 (the "Private Placement"). Each FT Unit will be 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 common share purchase warrant, a "Warrant"). Each non-flow-through Unit will be comprised of one common share in the capital of the Company and one Warrant. Each whole Warrant will entitle the holder thereof to acquire one non-flow-through common share at a price of $0.10 for a period of 12 months and at a price of $0.15 for an additional 12 months thereafter, expiring 24 months after the date of closing. The FT Units and Units are subject to a four-month and one day hold period from the date of closing.

The Private Placement is offered to qualifying investors and fund managers on a non-brokered basis. The Company may pay finder's fees in accordance with the rules and policies of the TSX Venture Exchange ("TSXV"). The Private Placement remains subject to the approval of the TSXV. For additional information about this financing call Darlene Ettinger at 506-627-1353 or toll-free 1.866.523.6719.

The proceeds of the Private Placement will be used to fund exploration on the Company's gold and base metal projects mainly in New Brunswick. The Company intends to continue advancing the Menneval gold project and the Nepisiguit base metal-silver project until they are permitted for production.