Minera Alamos Inc. Announces Increase in Private Placement and Management Changes
TORONTO, ONTARIO--(Marketwired - Jun 4, 2015) - Minera Alamos Inc. (the "Company" or "Minera Alamos") (TSX VENTURE:MAI) reports today that it has increased its previously announced private placement from $2,800,000 to $3,200,000. The financing, lead by IBK Capital Inc., is scheduled to close early next week.
The Company is also announcing that Mr. Bruce Durham, P.Geo has been appointed as a member of its Board of Directors and the Chair of its Audit Committee. In addition, Mr. Darren Koningen, also a Director, has been appointed as President of the Company. Chris Frostad will remain as Director and Chief Executive Officer of Minera Alamos.
Mr. Durham is currently a Managing Director of Norvista Capital Corporation (TSX VENTURE:NVV), the President and CEO of Nevada Zinc Corp. (TSX VENTURE:NZN), and the President and CEO of Solvista Gold Corp. (TSX VENTURE:SVV). He has been involved in the mineral exploration business for almost 40 years, most of which have been directly in the junior exploration industry. Bruce's career has seen him directly involved in a number of successful exploration programs that resulted in several new mines being built, including two of the three Hemlo, Ontario gold mines.
"We look forward to working with Bruce and Norvista Capital Corporation as we move into this new stage of development" said Chris Frostad, Chief Executive Officer. "We are confident that we have the right team and the right resources to be hugely successful in the coming year".
Finally, Minera Alamos announced that it has entered into an agreement to settle $120,000 in existing debt owing to an arm's length creditor through cash and the issuance of common shares. Subject to approval of the TSX Venture Exchange, the Company agreed to issue 600,000 common shares at a deemed price of $0.10 per common share to settle $60,000 of indebtedness, with $60,000 to be settled in cash.
Minera Alamos is satisfying a portion of the indebtedness with common shares in order to preserve its cash to complete the evaluation and design of phase 1 development at its Los Verdes project in Sonora, Mexico. All common shares issued in connection with the shares for debt transaction are subject to a four-month statutory hold period, in accordance with applicable securities legislation.
About Minera Alamos
Minera Alamos is a junior exploration and development company; its projects include the Los Verdes open pit copper-molybdenum porphyry project in Sonora, northern Mexico that is currently in development. Additional information regarding the Company's plans and the Los Verdes project can be found at www.mineraalamos.com.
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