Atlantic Industrial Minerals Limestone Acquisition, Private Placement, Stock Options
NEWS RELEASE
Atlantic Industrial Minerals Limestone Acquisition, Private Placement, Stock Options
HALIFAX, NOVA SCOTIA -- (Stockwatch October 11, 2011) – Colin J. MacDonald, President and CEO of Atlantic Industrial Minerals Incorporated. ("AIM") (NEX: ANL) announces:
Glencoe and Kewstoke Properties
The acquisition of a 50% interest in Glencoe Resources Inc. and a 100% interest in the Kewstoke carbonate property for 6,000,000 common shares, 2,000,000 share purchase warrants exercisable at $0.10 per share for 12 months, and $50,000 of which $25,000 is a non-refundable deposit as announced on August 31, 2011 will be proceeding. See news release of August 31, 2011 for complete details
Private Placement
The $125,000 non-brokered private placement comprised of up to 666,666 common shares at a price of $0.075 per share totalling $50,000 and up to 750,000 ‘flow through’ common shares at a price of $0.10 per share totalling $75,000 as announced on September 2, 2011 will be proceeding. The proceeds from the placement will be used for required assessment work on AIM’s Glencoe property, payment of the non-refundable deposit on the Glencoe-Kewstoke acquisitions, and for general corporate purposes including reduction of accounts payable. The directors of the company will participate in this placement.
Stock Option Grant
The grant of 750,000 stock options to directors and officers pursuant to AIM’s incentive stock option plan announced September 21, 2011 will be proceeding. The options are exercisable at a price of $0.10 per share for a term of five years.
The Glencoe and Kewstoke limestone acquisitions are subject to completion of final contract and regulatory approval, and shareholder approval as may be necessary. The private placement and incentive stock options are subject to regulatory approval.
On behalf of the Board
Colin MacDonald, President & CEO
Atlantic Industrial Minerals Inc.
Suite 802, 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.