2005 News Releases
Maple Minerals Announces Financings
TORONTO, ONTARIO, June 7, 2005 – Maple Minerals Corp. ("Maple") (TSXV: MPM) is pleased to announce that it intends to complete a series of financings to raise gross proceeds of up to $2,525,080. Pursuant to the financings, Maple will issue up to 1,500,000 “flow-through” common shares at a price of $1.35 per share in a brokered private placement to raise gross proceeds of up to $2,025,000, and up to 357,200 units (which are not “flow-through”) at a price of $1.40 per unit in a non-brokered private placement to raise gross proceeds of up to $500,080.
Dundee Securities Corporation has agreed to act as agent on a best efforts basis in connection with the offering of the flow-through common shares, pursuant to which it will receive a cash commission and such number of broker warrants as is equal to 6% of the total number of flow-through common shares sold pursuant to the offering. Each broker warrant will entitle the holder to acquire one common share of Maple at a price of $1.35 for a period of 24 months.
Each unit issued in the non-brokered private placement will consist of one common share and one-half of one share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one additional common share of Maple at an exercise price of $1.50 per share for a period of 12 months following the date of issuance.
The securities issued pursuant to the above noted financings will have a hold period expiring four months and one day from the date of closing. Closing is expected on or about June 17, 2005. Proceeds of the sale of the flow-through common shares will be used for exploration of Maple’s Canadian properties with an anticipated focus on its Shebandowan group of claims located 120 km west of Thunder Bay, Ontario, Canada. Two claim groups (Hamlin and Deaty) of the Shebandowan group of claims are on strike to the recently announced copper-zinc massive sulphide discovery by Freewest Resources Inc. Proceeds of the sale of the units will be used for general corporate purposes. Completion of the financings is subject to approval of the TSX Venture Exchange. Maple Minerals Corp. is a Toronto based resource company with property interests in Australia, Argentina, 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 does not accept responsibility for the adequacy or accuracy of this release.
L.M. (Gino) Falzone