Ely Gold & Minerals Inc. (the "Company") is pleased to report it has
closed the first tranche of its non-brokered private placement
previously announced on July 7, 2010. The Company issued 2,018,000
units ("Units") at a price of $0.15 per Unit for aggregate gross
proceeds of to $302,700 (the "Offering"). Each Unit is comprised of one
common share and one-half of one share purchase warrant (a "Warrant").
One whole Warrant will entitle the holder to purchase one common share
for a period of two years after closing at the price of $0.25 per share;
provided that if at any time after four months after closing the
Company's shares have a closing price equal to or higher than CDN$0.35
per Share for twenty (20) consecutive trading days, the Corporation may
give notice to the holders of Warrants, by news release and letter sent
to the most recent addresses of the holders on the Company's records,
that the Warrants will expire at 4:30 p.m. (Vancouver time) on that date
which is 10 days after the date of such news release. In addition to a
cash payment of $2,400 as a finder's fee, the Company issued
compensation warrants entitling the holders thereof to acquire 16,000
common shares of the Company at a purchase price of $0.25 for a period
of two years, subject to the same acceleration exercise provisions as
are contained in the common share purchase warrants that comprise a
portion of the Units.
All of the securities issued in connection with the Offering are subject to a hold period expiring on December 5, 2010.
The Company would also like to report the passing of a member of its
Board of Directors, Mr. David Guest. Mr. Guest had served on the
Company's board since 2007, working mainly with Management on the
Company's activities in China.
On Behalf of the Board of Directors
Signed "Stephen Kenwood"
For further information, please contact Ely Gold & Minerals Inc. at 604-488-1104.
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.
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, receipt of property titles,
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 statements.