Ely Gold & Minerals Inc. (the "Company") is pleased to report it has
completed its non-brokered private placement announced on February 18,
2011. The Company issued 9,856,000 units ("Units") at $0.25 per Unit
for aggregate gross proceeds of to $2,464,000. Each Unit is comprised
of one common share and one-half of one share purchase warrant (each
full warrant a "Warrant"). One Warrant will entitle the holder to
purchase one common share for a period of two years after closing at the
price of $0.40; 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 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.
The Company has agreed to pay finders' fees totalling $49,175 in cash,
400,000 shares and 176,000 share purchase warrants, subject to final
acceptance by the TSX Venture Exchange. The finders' fee warrants have
the same exercise terms and conditions as the private placement
All of the securities issued in connection with the Offering, and any
shares issued on exercise of any Warrants or finders' warrants, are
subject to a hold period and may not be traded until July 29, 2011. The
funds will be used to advance the Company's projects, to fund
acquisitions and for general corporate expenses..
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.