St. Elias Mines arranges $500,000 private placement

2013-09-11 10:05 ET - News Release

Mr. Lori McClenahan reports

ST. ELIAS MINES LTD. - $500,000 PRIVATE PLACEMENT

St. Elias Mines Ltd. has arranged a non-brokered private placement of 10 million units at a price of five cents per unit, for total proceeds of $500,000. Each unit will consist of one common share of the company and one non-transferable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company at a price of 10 cents for a period of 24 months following closing. The proceeds of the private placement will be used for working capital. A finder's fee of 10 per cent of the gross proceeds is payable in cash, units or a combination thereof.