Ely Gold & Minerals Inc. (the "Company") announces a proposed
non-brokered private placement consisting of up to 10,000,000 units (the
"Units") at a price of $0.25 per Unit, for gross proceeds of up to
$2,500,000 (the "Offering"). The Units will be comprised of one common
share and one-half of one share purchase warrant. One whole Warrant
will entitle the holder to purchase one common share for a period of two
years at a price of $0.40 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.$0.50 per Share for twenty (20) consecutive
trading days, the Company may give notice to the holders of Warrants, by
news release and/or 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.
The Company may, in appropriate circumstances, pay finder's fees
comprising cash and/or securities in connection with the Offering. The
Offering is subject to TSX Venture Exchange acceptance. All securities
issued pursuant to the Offering will be subject to a four-month hold
period from the closing date. The proceeds from the Offering will be
used to advance the Company's projects, to fund acquisitions and for
general corporate expenses.
The Company has also has arranged to satisfy $600,000 in debt by issuing
2,400,000 shares at $0.25 per share to satisfy debt owed to three
directors of the Company. The debt settlement will not result in a
change of control of the Company. The proposed settlement of debts is
subject to acceptance by the TSX Venture Exchange. All shares issued
pursuant to the debt settlement will be subject to a four month hold
period from the closing date.
On Behalf of the Board of Directors
Signed "Trey Wasser"
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.