2005 News Releases
Maple Minerals Announces Private Placement
TORONTO, ONTARIO, February 21, 2005 – Maple Minerals Corp. ("Maple") (TSXV: MPM) is pleased to announce that it is arranging a non-brokered private placement to raise gross proceeds of up to $6,000,000. The financing will involve the issuance of between 4,000,000 units and 8,000,000 units at a price of $0.75 per unit. Each unit will consist of one common share and one-half of one share purchase warrant. Each share purchase warrant will entitle the holder to purchase one additional common share of Maple at any time within 18 months after the closing date of the financing (the “Warrant Term”) at an exercise price of $1.00 per share. If, following the date that is four months and one day after the closing date of the financing, the closing price of Maple’s common shares exceeds $1.50 for 20 consecutive business days, then the Warrant Term shall be automatically reduced and the share purchase warrants will expire on the date that is 30 days following the issuance of a press release announcing the reduced Warrant Term.
Although the financing is non-brokered, Maple may pay a commission to agents that arrange for the sale of units. Insiders of Maple may purchase up to 3.3 million units of the financing. Closing of the private placement is subject to receipt of all necessary regulatory approvals. T he securities issued will have a hold period expiring four months and one day from the date of closing. Proceeds from the sale of the units will be used for general corporate purposes.
Maple Minerals Corp. is a Toronto based resource company with properties in Africa, Canada, and the Dominican Republic. 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 does not take responsibility for the adequacy or accuracy of this release.
L.M. (Gino) Falzone