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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES.
Indicator Minerals Inc. (the "Company") (TSX VENTURE:IME) announced today that it has completed its previously announced non-brokered private placement of units.
At the closing Indicator issued 11,005,055 units (the "Units") at a price of $0.18 per Unit for gross proceeds of $1,980,909.50 (the "Private Placement"). Each unit is comprised of one common share and one transferable share purchase warrant of the Company (the "Warrants"). Each Warrant is exercisable to purchase one common share of the Company at a price of $0.27 per share until February 23, 2013.
Finder's fees consisting of $70,529 in cash and 391,828 non-transferable finder warrants, representing 5% of the proceeds raised and 5% of the number of Units issued, respectively, were paid to six finders in respect of certain subscriptions under the Private Placement. Each finder warrant is exercisable to purchase one common share of the Company at a price of $0.27 per share until February 23, 2013.
All securities issued or issuable under the Private Placement are subject to a hold period and may not be traded until June 24, 2011 except as permitted by Canadian securities legislation and the Exchange. Indicator intends to use the proceeds for exploration expenditures on its Mohave Copper Project and for general working capital and other corporate expenditures.
Indicator is also pleased to announce, subject to regulatory approval, the appointment of Jim Paterson, B.Comm. to the Board of Directors. Jim brings a wealth of contacts and knowledge obtained through his 15 years of corporate experience with several mineral exploration and development companies. Mr. Paterson founded and, from June 2007 until August 2010, was President & CEO of Corsa Capital Ltd. Currently Mr. Paterson is the CEO of Kivalliq Energy Corporation and is also a Director of Kaminak Gold Corporation and Niblack Development Corporation, both resource companies listed on the TSX Venture Exchange.
About Indicator Minerals:
Indicator Minerals Inc. is a leading Canadian exploration company focused on the discovery and development of economic mineral deposits. The company has assembled one of the most qualified technical teams in worldwide exploration to focus on advancing its early-stage Mohave Copper Porphyry project in north-western Arizona. This under explored and largely untested project has a compelling copper, molybdenum and silver footprint with a coincident IP anomaly indicative of a large Copper Porphyry system. Indicator will be drilling the property in Q2, 2011.
On behalf of the Board:
Bruce Counts, P.Geoph., President & CEO
Indicator Minerals Inc.
Indicator Minerals Inc. is a member of the Discovery Group of companies, for more information on the group visit http://www.discoveryexp.com/">www.discoveryexp.com.
