| | Published : September 27th, 2007 | Mineralfields Group Invests Another $500,000 In Astral Mining Corporation |
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| | Thursday, September 27, 2007 Mineralfields Group Invests Another $500,000 In Astral Mining Corporation
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Vancouver, British Columbia; Astral Mining Corporation (TSX-V AST) ("Astral" or "the Company"), through the MineralFields group, has arranged a non-brokered private placement of $500,000 through the sale of 1,000,000 flow-through units at $0.50 per flow-through unit. This financing, upon approval from the regulators, will be MineralFields' second $500,000 flow-through financing with Astral this year.
Each flow-through unit consists of one flow-through common share and one half warrant. Each full share purchase warrant entitles the holder thereof to purchase one non-flow-through common share of the company for a term of eighteen months from the date of closing, at a price of $0.65 per common share. If the closing price of the Company's shares remains at or above a price of $1.00 for 20 consecutive trading days, then the Subscriber will have 30 days from the thirtieth trading day to exercise the Warrants, failing which the Warrants will expire.
The company will pay a finder's fee to Limited Market Dealer Group in cash and equal to 8 percent of the gross proceeds raised when the financing closes and is approved by the regulators.
The funds will be used for the exploration of Astral's British Columbia properties. Astral has begun a phase 2 drill program on the Jumping Josephine project in the Rossland mining camp. The program will consist of drilling up to 50 holes on the "JJ" main zone where the company has made a high-grade gold discovery.
Astral Mining Corporation, a member of the Grosso Group, is a Canadian-based company engaged in the exploration and development of precious metal properties in North America. By focusing on exploration in mining-friendly districts, the Company minimizes the political and social risks encountered in many other parts of the world. With a new gold discovery at the Company's Jumping Josephine Gold Project in Southern British Columbia, an experienced technical team and seasoned management, Astral is poised to leverage this expertise into early exploration success. Further details on Astral Mining Corporation and its high-quality portfolio of exploration projects can be found at www.astralmining.com.
"About MineralFields, Pathway and First Canadian Securities (r)"
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com First Canadian Securities (r) is active in leading resource financings (both flow-through and hard dollar)on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group".
ON BEHALF OF THE BOARD
"Manfred Kurschner"
Mr. Manfred Kurschner, President & CEO
For further information please contact Manfred Kurschner, President & CEO, at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email info@astralmining.com, or visit the Company's web site at http://www.astralmining.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
2007 Number 24
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