2005 News Releases
Maple Minerals Corp. Announces $4,000,000 Private Placement with Sprott Asset Management and Resignation of L.M. (Gino) Falzone
TORONTO, ONTARIO, September 29, 2005 – Maple Minerals Corp. ("Maple") (MPM:TSX-V) is pleased to announce a private placement with Sprott Asset Management to raise gross proceeds of up to $4,000,000. The financing will involve the issue of up to 1,600,000 units (the “Units”) at a price of $2.50 per Unit. Each Unit will consist of one common share in the capital of the Maple and one-half of one share purchase warrant (each full share purchase warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one common share in the capital of the Maple at an exercise price of $3.25 for a period of 12 months from closing. A finder’s fee of 2% of the gross proceeds raised will be paid. Closing of the private placement is subject to receipt of all necessary regulatory approvals.
Proceeds of the sale of the units will be used for exploration of the Corporation’s properties and for general corporate purposes.
Maple also wishes to announce that L.M. (Gino) Falzone has resigned as President and a director of Maple to pursue other endeavours. The board of directors would like to thank Gino for his dedication and commitment to the Company and his service as President of Maple for the past 5 years. Sheldon Inwentash, in addition to his duties as Chairman, has been appointed Chief Executive Officer of Maple. Stuart Taylor, the current Vice-President, International Operations, has been appointed President of Maple.
Maple is a Toronto-based resource company with property interests in Australia, Argentina, Mongolia, Africa and Canada. For more information about Maple, please visit the company’s website at www.mapleminerals.com.
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Maple’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Maple disclaims any intent or obligation to update these forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Maple does have an ongoing obligation to disclose material information as it becomes available.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information, please contact:
Maple Minerals Corp.
Janice Crawford, Secretary
Telephone: (416) 643-7630