Advanced Primary Minerals Corp. Announces Private Placement Offering of Common Shares
June 28 2010 - 12:05PM
Marketwired
Advanced Primary Minerals Corporation (the "Corporation" or "APM")
(TSX VENTURE: APD) is pleased to announce that it intends to
proceed with a private placement offering of approximately
$1,500,000 of common shares to qualified investors at $0.15 per
common share, subject to the receipt of all necessary regulatory
and stock exchange approvals. Certain of the officers and directors
of the Corporation and its parent company, Erdene Resource
Development Corporation, which holds approximately 64% of APM's
outstanding common shares, have agreed to participate in the
offering.
The Closing is expected to occur on or before July 31, 2010. The
Corporation intends to use the net proceeds of the offering to fund
its capital program, for general corporate purposes and debt
repayment. The Corporation may pay finders' fees to non-arm's
length parties in connection with subscriptions by non-insiders of
the Corporation.
In addition, the Corporation intends to issue approximately
2,527,340 common shares to Erdene Resource Development Corporation
as settlement of CAD$379,101 in existing debt.
The common shares issued in connection with the offering and
debt repayment will be subject to a four month hold period from the
date of issue.
About APM
APM, through its wholly owned subsidiary, Advanced Primary
Minerals USA Corp. (formerly Erdene Materials Corp.), operates a
newly constructed kaolin processing plant in Dearing, Georgia and
has been active in Georgia and South Carolina for over 10 years
exploring for, evaluating, extensively testing and securing high
quality primary kaolin resources. APM has also operated an
industrial minerals laboratory in Eatonton, Georgia since 1998. The
Corporation is targeting value added products that benefit from the
unique attributes of its high quality, primary kaolin resource.
Target markets include ceramics, paper, paint and coatings,
catalysts and other specialty industrial applications. APM has
17,009,626 shares issued and outstanding and a fully diluted share
position of 18,708,197.
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.
Contacts: Advanced Primary Minerals Corporation Ken W. MacDonald
President and CEO 902-466-7255 info@advminerals.com
www.advminerals.com
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