New Era Minerals has closed a non-brokered private placement and raised proceeds of C$295,962.80. The TSX Venture Exchange listed company issued 1,479,814 common shares at a price of C$0.20 per share.
Proceeds raised from the private placement will be used for general corporate and working capital requirements, including the investigation of potential opportunities to acquire additional mining projects.
The shares are subject to a four month hold period expiring on May 1, 2017.
New Era Minerals, through its wholly-owned subsidiary, Haijin International Group Limited, owns 95% of Xinjiang Yongkun Mining Co Ltd. Yongkun’s principal activities are the exploration, evaluation and development of mineral property interests in China, including Yongkun’s 100%-owned Suyeke North nickel property in Tuoli County, Tacheng Area, Xinjiang-Uyghur Autonomous Region.
The Suyeke North property comprises one exploration permit totalling 14.83sqkm that is wholly-owned by Xinjiang Yongkun. This company signed an agreement to purchase the property from Sichuan Zihao Mining Co Ltd in 2011 and subsequently received a new exploration permit for the property on August 22, 2012 valid until May 22, 2014. A further exploration permit was issued on May 5, 2014 valid until May 5, 2017. This authorises enhanced exploration on Suyeke North.