Apr 27, 2010
Probe Mines Limited Announces $1,000,000 Non-Brokered Private Placement with MineralFields Group
Toronto, April 27, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are pleased to announce a proposed non-brokered private placement financing with MineralFields Group of up to $1,000,000 through the sale of up to 2,222,222 Flow-Through Units (the "Units"), to be sold at $0.45 per Unit, subject to regulatory approval and closing. Each whole Unit consists of one flow-through common share and one-half of one non-flow-through common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one common share for $0.75 for a period of 24 months (the "Warrant Term") from the closing of the transaction (the "Closing Date"). All securities issued in conjunction with the offering will be subject to a hold period, which expires four months after closing.
Proceeds of the financing will be used to fund exploration and working capital.
"We are very pleased to be renewing our relationship with MineralFields Group", said Dr. David Palmer, President. "This is an important milestone in the growth of Probe Mines Limited and we look forward to working with MineralFields Group as we explore our significant property holdings in the McFauld's Lake area and the recently acquired Cree Lake and Borden Lake Gold Projects."
About MineralFields, Pathway and First Canadian Securities (r):
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(r), a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4MM in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 931 claims covering almost 15,000 hectares, including joint venture properties with Noront Resources covering 87 of these claims. In addition Probe has recently acquired two early-stage gold projects in northeastern Ontario, the Cree Lake and Borden Lake properties, targeting low-grade, bulk tonnage style deposits. Probe also has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project immediately adjacent to Lake Shore's million-plus ounce gold deposit. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. The Company has only 34,066,472 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com, or contact:
Tel: (416) 777-6703
Tel: (866) 365-4724
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Probe, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Probe's expectations are exploration risks detailed herein and from time to time in the filings made by Probe with securities regulators.
You can view the Next News Releases item: Tue May 18, 2010, Probe Mines Commences 43-101 Resource Estimate on Black Creek Chromite Zone, McFauld's Lake, Northern Ontario
You can view the Previous News Releases item: Mon Apr 26, 2010, Probe Mines to Acquire the Borden Lake Gold Project, Chapleau, Ontario
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