SLAM ARRANGES $1M NON-BROKERED FINANCING
Significant Funds For Drilling; Current Focus on The Silverjack and The Reserve Creek Bonanza Gold Deposit
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
MIRAMICHI, NB, Nov. 5 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL) ("SLAM") announces it has arranged a non-brokered private placement to raise $1,000,000 of 4,762,000 flow-through units (FT Units) at a price of $0.21 per FT Unit. Each FT Unit will consist of one flow-through common share and 1/2 common share warrant ("Warrant"). Each full Warrant will entitle the holder to acquire one non-flow-through common share at a price of $0.25 per share for a period of 12 months and at a price of $0.40 for an additional 12 months, expiring 24 months after issuance. The private placement remains subject to final approval of the TSX Venture Exchange.
Proceeds of the private placement will be used mainly to fund drilling and related activities on SLAM's exploration projects in Canada. The current focus is on the the Reserve Creek gold project and the Silverjack project where drilling is underway to test for extensions to high grade silver-copper-lead-zinc intercepts SLAM reported by news release 16 February 2010. Drilling is also planned on the Reserve Creek gold project in Ontario where SLAM recently drilled bonanza gold grades over significant core lengths (SLAM news release 17 August 2010).
SLAM is a mineral resource company based in Miramichi, New Brunswick. The Company is very active in gold, silver and base metal exploration in Ontario and New Brunswick. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. 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.
