Ely Gold Closes First Tranche of Financing from Solitario
September 1, 2010
Ely Gold & Minerals Inc. (the "Company") is pleased to report it has
closed the first tranche of the $500,000 non-brokered private placement
from Solitario Exploration & Royalty Corp., which was announced on
August 26, 2010. The Company issued 1,666,667 units ("Units") at $0.15
per Unit for aggregate gross proceeds of to $250,000. 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; 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 Warrantholder, by news release and letter sent to the
most recent address of the Warrantholder 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. All of the
securities issued in connection with the Offering are subject to a hold
period expiring on December 31, 2010.
The Company has also granted an aggregate of 1,000,000 stock options to
officers and directors of the Company, subject to regulatory approval.
The options are exercisable at a price of $0.15 per common share and
expire on August 31, 2015.
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.