Eskay Mining Announces Final Closing of Its Flow-Through and Working Capital Private Placement
TORONTO, ONTARIO -- (Marketwire) -- 07/23/10 -- ESKAY MINING CORP. ('Eskay' or the 'Company') (TSX VENTURE: ESK)(FRANKFURT:878 985)(BERLIN:878 985) wishes to announce that further to its press release of July 5, 2010, the Company has completed the sale of a further 775,000 working capital units (the 'WC Units') priced at $0.20 per WC Unit for gross proceeds of $155,000 (the 'WC Offering') and the sale of a further 100,000 FT Units priced at $0.25 per FT Unit for gross proceeds of $25,000.
The Company closed an aggregate of $2,729,000 of FT Units and $367,010 of WC Units.
Mac Balkam CEO states 'Our camp is now open at the SIB Property and drilling will commence shortly. We are very pleased to have raised sufficient funds to undertake an extensive exploration and drilling program on the SIB/ Lulu ground.'
The Company also wishes to announce that the previously announced 3D geophysical compilation study has been completed and is currently being used to evaluate drilling target enhancements.
All of the securities referred to herein are legended and restricted from trading until at least November 16, 2010.
Five insiders of the Company subscribed for an aggregate of 100,000 FT Units for proceeds of $25,000 and 375,000 WC Units for proceeds of $75,000. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ('MI61-101') by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company issued to insiders did not exceed 25% of its market capitalization.
The current issued and outstanding capital is 86,600,111, after the above mentioned issuance of shares.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Eskay Mining Corp.
Mac Balkam
CEO/President and Director
416-907-4020
info@kenrich-eskay.com
www.eskaymining.com