St. Elias Mines Ltd. Closes Private Placement Raising Gross Proceeds of $4,500,000
(via Thenewswire.ca)
Vancouver, BC, October 7, 2011, Lori McClenahan, President of St. Elias Mines Ltd. (the "Company"), is pleased to announce that the Company has closed a non-brokered private placement previously announced on August 17, 2011. The private placement consists of 2,500,000 units at a price of $1.80 per unit raising gross proceeds of 4,500,000. Each unit consists of one common share and one share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $2.10 per share for 12 months expiring on October 7, 2012. In connection with the private placement, finders' fees of 8%, totaling $14,508 cash and issuing 2,340 shares were paid. The finder's shares are also at a price of $1.80 per share. The Private Placement is subject to regulatory acceptance.
In accordance with securities legislation currently in effect, the securities issued will be subject to a "hold period" of four months plus one day from the date of closing, expiring February 8, 2012.
The proceeds of the private placement will be used for exploration expenditures on the Company's properties and for general working capital.
For additional information on St. Elias and its projects, please visit us at www.steliasmines.com or call
1-888-895-5522 (toll free US and Canada) or contact:
European Consultant U.S. Investor Relations Consultant
Michael Kott Herbert Haft
CM-Equity AG & Co. KG Financial Service The Haft Group, Inc.
Tel: 011 4989 1890 474 0 Tel: (212) 759-8865
Email: kott@cm-equity.de Email: herbhaft@haftgroupinc.com
herbhaft@aol.com
ST. ELIAS MINES LTD.
(signed "Lori McClenahan")
Lori McClenahan, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.
This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.
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