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Announces $250,000 Private Placement
May 07, 2009 07:59AM
May 7, 2009
Messina Announces $250,000 Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2009) - Messina Minerals Inc. ("Messina Minerals" or the "Company") (TSX VENTURE:MMI) announces, subject to regulatory approval, a non-brokered private placement of up to 2,500,000 units of its securities at a price of $0.10 per unit for gross proceeds of up to $250,000. Each unit will consist of one common share and one common share purchase warrant entitling the holder to subscribe for one additional common share at a price of $0.12 for a period of five years from closing. The proceeds of the private placement will be used to fund continued exploration programs on the Company's Newfoundland properties and for general working capital purposes. The securities of the Company issuable pursuant to the private placement will be subject to a hold period expiring four months and one day after the closing date.
Peter Tallman, President of Messina Minerals states: "This placement, combined with funds recently received from the Newfoundland Mineral Incentive Assistance program, will improve Messina's working capital position and allow select exploration programs to proceed within our Newfoundland property portfolio this year."
The securities proposed to be offered in the private placement have not been registered under the U.S. Securities Act of 1933, as amended, or any State securities laws, and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption from the registration requirements.
The Company also announces that it has granted 3,000,000 incentive stock options to certain employees, officers, directors and/or consultants at a price of $0.10 per share, exercisable for a period of five years.