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Elgin Mining Closes Private Placement

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Elgin Mining Closes Private Placement







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.

Posted September 17, 2013

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We acknowledge the [financial] support of the Government of Canada.

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