CANCELATION - The U.S. Environmental Protection Agency has postponed two mining information sessions that were scheduled to take place on August 11 and 12 in the Southwest Alaska communities of Dillingham and Newhalen. EPA is postponing these sessions out of respect and sympathy for the individuals, families, and communities affected by last night’s tragic airplane crash involving former Senator Ted Stevens and others near Dillingham. EPA will coordinate with Dillingham and Newhalen to reschedule these information sessions as soon as possible. The informational sessions, to be conducted by EPA and Alaska Department of Natural Resources, will provide information on the agencies’ regulatory roles in the mining permitting process. The public meetings will cover mining fundamentals, environmental concerns and how tribes and community members can get involved in the permitting process.
GOLD - International Tower Hill Mines Ltd. Aug. 12 said AngloGold Ashanti (U.S.A.) Exploration Inc., a subsidiary of AngloGold Ashanti Limited, has exercised its right to maintain its 13.2907 percent equity interest in the company. AngloGold's equity interest had been diluted by virtue of Tower Hill’s issuance of shares since Oct. 31, 2009 (other than in connection with financings), principally due to the exercise of incentive stock options and broker options. Tower Hill will sell AngloGold, on a private placement basis, 415,041 shares at a price of C$5.26 per share (reflecting the 5 day volume-weighted average price of the Company's common shares on the TSX of C$6.18 less the maximum allowable discount of 15 percent for proceeds of about C$2.18 million. The net proceeds from the private placement are anticipated to be used by the Company for continued work on the Livengood Gold project in Alaska and general working capital. The "top-up" provision – part of the purchase agreement in which Tower Hill acquired AngloGold's Alaskan assets (including the Company's flagship Livengood property) – gives AngloGold the right, twice a year, to maintain its then current equity ownership percentage in the company.
FINANCE - Full Metal Minerals Ltd. Aug. 5 said the 11.2 million unit non-brokered private placement announced on July 13, 2010 has been increased. The company now intends to complete up to 25 million units at C18 cents per unit for total proceeds of up to C$4.5 million. Each unit will consist of one common share and one-half of one transferable share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share, exercisable for a period of two years following the closing of the private placement, at a price of C25 cents per common share. A finder's fee of 6 percent of the gross proceeds may be payable in cash or shares on a portion of the financing. The net proceeds from the financing will be used for exploration expenses on the company's projects and for general working capital.
FINANCE - Kiska Metals Corp. Aug. 10 said it has closed the C$4.1 million brokered portion of a C$6.5 million private placement. A total of $4,102,800 was raised through Raymond James Ltd. Each unit, priced at C82 cents, consists of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of C$1.15 per share until Aug. 10, 2012. A commission of 6 per cent of the total gross proceeds realized from the placement was paid in addition to 80,693 agent warrants. Each agent warrant will entitle the holder to purchase one common share at a price of C82 cents per share until Aug. 10, 2012. The net proceeds from the offering will be used to finance further exploration of the Whistler project and exploration of the company's other mineral properties. The proceeds will also go toward general corporate purposes. The concurrent non-brokered private placement, with gross proceeds of $2.4-million on the same terms as described above, is expected to close on Aug. 16.
