Elgin Mining Inc. (TSX:ELG)(TSX:ELG.WT) is pleased to announce, further to its news release of August 27, 2013, that it has completed the private placement offering and issued an aggregate of 24,600,000 units at a price of $0.12 per Unit for aggregate gross proceeds of $2,952,000. Each Unit consists of one common share of Elgin Mining and one-half of one warrant. Each whole warrant is exercisable into one Common Share at a price of $0.20 for a period of two years from the date of issuance, subject to acceleration of the expiry date if the common shares of the Company trade above $0.30 for twenty consecutive trading days. All securities issued in the Offering are subject to a hold period expiring January 14, 2014.
A cash fee in the amount of $127,200 will be paid to an arms-length third party in connection with the sale of a portion of the Units.
The net proceeds of the Offering will be used primarily for working capital and for general and administrative purposes.
Elgin Mining Inc.
Elgin Mining is a Canadian based company focused on production at the Bjorkdal gold mine in Sweden. In addition, Elgin Mining’s portfolio includes the Lupin and Ulu gold projects located in Nunavut, Canada.
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We acknowledge the [financial] support of the Government of Canada.