2005 News Releases
Maple Minerals Announces Closing of Private Placement
TORONTO, ONTARIO, October 13, 2005 – Maple Minerals Corp. ("Maple") (MPM:TSX-V) is pleased to announce that it has closed its previously announced (see press release dated October 3, 2005) private placement of units to raise gross proceeds of $5,000,000. Pursuant to the financing, Maple issued 2,000,000 units at a price of $2.50 per unit, each unit consisting of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of Maple at an exercise price of $3.25 per share until October 13, 2006. Sprott Asset Management purchased $4,000,000 of the financing for which a finder’s fee of $80,000 was paid to Kingsdale Capital Markets Inc.
The common shares and warrants comprising the units have a hold period expiring on February 14, 2006. Proceeds of the sale will be used for exploration of the Corporation’s properties and general corporate purposes. Completion of the financing remains subject to the final approval of the TSX Venture Exchange.
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.
Sheldon Inwentash, CEO
Telephone: (416) 643-7630