SLAM Exploration Announces Closing of First Tranche of Private Placement

SLAM Exploration Ltd. (TSXV:SXL) announced that they have closed the first tranche of a non-brokered private placement for aggregate gross proceeds of $145,000.

As quoted in the press release:

The Company issued 2,900,000 flow-through units  at a subscription price of $0.05 per FT-Unit for aggregate gross proceeds of $145,000 in connection with the first tranche. Each FT-Unit is comprised of one common share in the capital of the Company issued on a flow-through basis and one-half of one common share purchase warrant . The Company issued an aggregate of 1,450,000 Warrants as part of the FT-Units. Each Warrant entitles the holder thereof to acquire one non-flow-through common share at a price of $0.10 for a period of 12 months and at a price of $0.15 for an additional 12 months thereafter, expiring 24 months after the date of issuance. The FT-Units issued in connection with the first tranche are subject to a four-month and one day hold period until November 05, 2013.

To view the whole press release, click here.