TORONTO, ONTARIO--(Marketwire - Dec. 27, 2012) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
MacDonald Mines Exploration Ltd. (the "Company") (TSX VENTURE:BMK) announces the closing of additional funds through a non-brokered private placement offering of securities (the "Offering") raising gross proceeds of $750,000 through the sale of flow-through units (the "FT Unit"). The offering price ("Offering Price") was $0.075 per FT Unit.
Each FT Unit consists of one flow-through common share of the Company and one-half of one common share purchase warrant (the "Warrants"). Each whole Warrant entitles its holder to purchase one non-flow through common share at a price of $0.15 per share for a period of eighteen months from the date of issue of the FT Unit.
In connection with the Offering, the Company paid finders' fees of 8.0% of the gross proceeds raised to Marquest Capital Markets.
The net proceeds of the sale of Units will be used to fund exploration programs on its Ontario properties. The next exploration program consisting of approximately 3,000 meters of drilling is scheduled for January 2013 on the Company's Butler property.
All securities to be issued in connection with the Offering are subject to a hold period of four month and one day from the date of issuance. Closing of the Offering is conditional on the receipt of all required regulatory approvals, including the approval of the TSXV.
About MacDonald Mines Exploration Ltd.
MacDonald Mines is a mineral exploration company with an established exploration history in the Canadian Northlands. MacDonald Mines has set upon a strategic direction of exploration with particular focus on nickel, chrome, copper, zinc, vanadium and titanium in the "Ring of Fire" area of the James Bay Lowlands of Northern Ontario. More detailed information about the Company is available on the website: www.macdonaldmines.com.
Cautionary Statement: We seek safe harbour.