New Destiny Abandons Option Agreement and MOU With AVK
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/17/13 -- New Destiny Mining Corp. (TSX VENTURE: NED) ("New Destiny") announces that it has abandoned and will not proceed further with the sub-option agreement between New Destiny and Argentina Mining Corp. ("AVK") on the Tres Amigos Project, Argentina, and will New Destiny withdraw its submission with the TSX Venture Exchange. The sub-option agreement was originally announced on October 12, 2012.
New Destiny Mining will also not proceed further with the memorandum of understanding between New Destiny and AVK for negotiations to acquire an interest in the Cerro Blanco project, Argentina, as the period of exclusivity has lapsed. The Cerro Blanco project was originally announced on November 5, 2012.
New Destiny further announce that it is arranging a non-brokered private placement of up to 6 million units (the "Units") at a price of $0.05 per Unit to raise gross proceeds of $300,000. Each Unit will consist of one common share of New Destiny, and one transferable share purchase warrant (a "Warrant"). Each Warrant shall be exercisable to acquire one additional common share for a period of one year at a price of $0.15 per share. New Destiny will also pay a finder's fee in accordance with the policies of the TSX Venture Exchange and applicable securities legislation. The financing (http://www.newdestinymining.com/?page_id=397), which was originally announced on February 4, 2013, is subject to regulatory approval.
For further information on New Destiny please visit our website at www.newdestinymining.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Robert L. Birmingham, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Contacts:
New Destiny Mining Corp.
Robert L. Birmingham
President
(604) 998-4727
(604) 678-5309 (FAX)
www.newdestinymining.com