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Re: News Releases - Tuesday, April 27, 2010
Probe Mines Limited Announces $1,000,000 Non-Brokered Private
Placement with MineralFields Group
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Toronto, April 27, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to announce a proposed non-brokered private
placement financing with MineralFields Group of up to $1,000,000
through the sale of up to 2,222,222 Flow-Through Units (the "Units"),
to be sold at $0.45 per Unit, subject to regulatory approval and
closing. Each whole Unit consists of one flow-through common share and
one-half of one non-flow-through common share purchase warrant. Each
whole common share purchase warrant entitles the holder to acquire one
common share for $0.75 for a period of 24 months (the "Warrant Term")
from the closing of the transaction (the "Closing Date"). All
securities issued in conjunction with the offering will be subject to a
hold period, which expires four months after closing.
Proceeds of the financing will be used to fund exploration and working
capital.
"We are very pleased to be renewing our relationship with MineralFields
Group", said Dr. David Palmer, President. "This is an important
milestone in the growth of Probe Mines Limited and we look forward to
working with MineralFields Group as we explore our significant property
holdings in the McFauld's Lake area and the recently acquired Cree Lake
and Borden Lake Gold Projects."
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), a division of
Limited Market Dealer Inc., is active in leading resource financings
(both flow-through and hard dollar PIPE financings) on competitive,
effective and service-friendly terms, with investors both within, and
outside of MineralFields Group.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $4MM in treasury and a
portfolio of highly prospective mineral properties. The Company is
currently focused on the McFauld's Lake area where it owns 931 claims
covering almost 15,000 hectares, including joint venture properties
with Noront Resources covering 87 of these claims. In addition Probe
has recently acquired two early-stage gold projects in northeastern
Ontario, the Cree Lake and Borden Lake properties, targeting low-grade,
bulk tonnage style deposits. Probe also has an option-joint venture
agreement with Lake Shore Gold Corp on its Bristol Township gold
project immediately adjacent to Lake Shore's million-plus ounce gold
deposit. Probe also maintains a 5% net smelter royalty on a portion of
Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began
production in 2008. The Company has only 34,066,472 shares issued and
outstanding, which trade on the TSX Venture Exchange under the symbol
PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical
information in this release. To find out more about Probe Mines
Limited, visit our website at www.probemines.com, or contact:
David Palmer
President
Tel: (416) 777-6703
Karen Willoughby
Investor Relations
Tel: (866) 365-4724
Forward-Looking Statements
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved
the information contained herein. This News Release includes certain
"forward-looking statements". All statements other than statements of
historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Probe, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially form those anticipated in such statements. Important
factors that could cause actual results to differ materially from
Probe's expectations are exploration risks detailed herein and from
time to time in the filings made by Probe with securities regulators.
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Copyright (c) 2010 PROBE MINES LTD. (PRB) All rights reserved. For
more information visit our website at http://www.probemines.com/ or
send mailto:info@probemines.com
Message sent on Tue Apr 27, 2010 at 5:05:51 AM Pacific Time
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