Atlantic Industrial Minerals $250,000 Private Placement Distribution of Glencoe and Kewstoke Limestone Properties Shares for Debt Settlement
NEWS RELEASE
Atlantic Industrial Minerals $250,000 Private Placement Distribution of Glencoe and Kewstoke Limestone Properties Shares for Debt Settlement
HALIFAX, NOVA SCOTIA -- (Stockwatch September 20, 2013) – Greg Isenor, Director of Atlantic Industrial Minerals Incorporated. ("AIM") (NEX: ANL) announces:
Private Placement up to $250,000
AIM is proceeding with a non-brokered private placement of up to C$250,000 comprised of up to 5,000,000 common shares at a price of $0.05 per share. The proceeds from the placement will be used for continued exploration of the Glencoe-Kewstoke Limestone Project, and for general corporate purposes.
The placement is subject to regulatory approval. The directors of AIM may participate in this placement. Commissions and/or finders’ fees may be paid in connection with this placement.
Private Placement – First Tranche
AIM is filing with the TSX Venture Exchange (NEX) for the approval of the first tranche of its non-brokered private placement. The first tranche of 4,280,000 shares at $0.05 per unit will net to treasury $214,000 and is to three placees including one Director.
Proposed Distribution of Glencoe and Kewstoke Limestone Properties
AIM is finalizing a plan to distribute the Glencoe and Kewstoke limestone properties to AIM shareholders by way of a special, non-recurring, distribution of common shares of a holding company and a concurrent reduction in paid-up capital. The resulting company will be proportionately owned by the shareholders of AIM on the distribution date. The final details, mechanics and the timing of the proposed distribution will be announced in the near future.
Debt Settlement
| Aim is proceeding with a shares-for-debt settlement proposal to its creditors. Pursuant to the | |
| proposed settlement AIM may settle up to $100,000 of trade debt by the issuance of up to | |
| 2,000,000 common shares. The successful settlement of these trade debts is an integral | |
| component of the proposed plan for the distribution the Glencoe and Kewstoke limestone | |
| properties to AIM shareholders. The debt settlement is | subject to regulatory approval. |
About AIM
AIM wholly owns Glencoe Resources Inc. which holds the 1425 hectares Glencoe carbonate property, and directly owns the 448 hectares Kewstoke carbonate property, both located in Cape Breton, Nova Scotia.
ANL holds under option a 100% interest in the 14,000 hectares Reefton Gold Project in South Island, New Zealand.
On behalf of the Board
Gregory Isenor, Director
Atlantic Industrial Minerals Inc.
Suite 820, Sun Tower 1550 Bedford Highway Bedford, NS B4A 1E6 Tel.: (902) 832-5555 Fax: (902) 832-2223
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward- looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Neither the NEX nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.