Eskay Closes First Tranche of Financing
TORONTO, ONTARIO -- (Marketwired) -- 04/15/13 -- Eskay Mining Corp. ("Eskay" or the "Company") (TSX VENTURE: ESK) is pleased to announce that it has placed 2,900,000 working capital units (the "WC Units") priced at $0.05 per WC Unit for gross proceeds of $145,000.00. Each WC Unit consists of one (1) common share (the "Common Share") and one-half (1/2) of a share purchase warrant (a "WC Warrant"). Each full WC Warrant entitles the holder to acquire a further Common Share of the Company at a price of $0.10 per Common Share until the earlier of: (i) October 12, 2014; and (ii) in the event that the closing price of the Common Shares on the TSX Venture Exchange is at least $0.15 for twenty (20) consecutive trading days, and the 20th trading day (the "Final Trading Day") is at least four (4) months from April 12, 2013, the date which is thirty (30) days from the Final Trading Day (the "Trigger Date"). The Company paid a finders fee of $11,600.00 and issued 232,000 broker options in respect of the sale of the WC Units. Each broker option entitles the holder to acquire a Common Share at the price of $0.10 until the earlier of: (i) October 12, 2014; and (ii) the Trigger Date. The securities are legended and restricted from trading until August 13, 2013.
The Company will leave the offering open for the sale of up to a further 1,100,000 WC Units. The funds will be used for general working capital.
About Eskay Mining Corp:
Eskay Mining Corp (TSX VENTURE: ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals in British Columbia in a highly prolific, poly metallic area known as the Eskay Rift Belt located in the "Golden Triangle", 70km northwest of Stewart, BC. The company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).
All material information on the Company may be found on its website at www.eskaymining.com and on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of the adequacy or accuracy of this release.
Contacts:
Eskay Mining Corp.
Mac Balkam
President & Chief Executive Officer
416 907 6151
macbalkam@aol.com
www.eskaymining.com