Ely Gold Announces Private Placement to Fund Final Payment for Mt. Hamilton Acquisition
November 22, 2013
Ely Gold & Minerals Inc. ("Ely Gold" or the "Company") is
pleased to announce that Solitario Exploration & Royalty Corp.
(NYSE: XPL, TSX: SLR) ("Solitario") has subscribed for 13,571,354 common
shares by way of non-brokered private placement at the price of C$0.10
per share, for gross proceeds of CAN$1,357,135 (the "Financing"). The
proceeds from the Financing will be used to fund the final payment of
US$1,300,000 due to Augusta Resource Corporation (TSX: AZC) ("
for the acquisition of the Mt. Hamilton project pursuant to the
amendment to the Company's November 15, 2007 share purchase agreement
with Augusta announced by the Company on November 20, 2013.
The Financing is subject to TSX Venture Exchange acceptance. No warrants
will be issued and no finders's fees are payable in connection with the
Financing. All shares issued pursuant to the Financing will be subject
to a four-month hold period from the closing date.
Further information on the Mt. Hamilton project and the Company's
agreements with Augusta and Solitario are available under the Company's
profile on SEDAR at www.sedar.com.
On Behalf of the Board of Directors
Signed "Trey Wasser"
Trey Wasser, President & CEO
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.