Premium Exploration Closes First Tranche of $10,000,000 Brokered Private Placement

Premium Exploration Inc. (TSX VENTURE:PEM) announced the completion of a brokered private placement and the merger of its subsidiary with Clearwater Mining Corporation.

The press release is quoted as saying:

Effective as of July 2, 2010, Premium fulfilled its escrow closing conditions for the completion of its $10 million brokered private placement (the “Private Placement”) and on July 5th, 2010 it closed the first tranche of its Private Placement with the issuance of 32,000,000 Units at a price of $0.25 per Unit for gross total proceeds of $8,000,000. Premium expects that the second tranche of 8,000,000 Units at a price of $0.25 per Unit for gross proceeds of $2,000,000 will close on or about July 6th, 2010 after the holiday in the United States and the Company will issue a follow-up press release to confirm once that second tranche has closed.

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Click here to access Premium Exploration Inc. Corporate Site