|November 26, 2010|
Playfair Announces Closing of Final Tranche of Flow-Through Private Placement
|Playfair Mining (PLY: TSX-V) is pleased to announce that it has closed the final tranche of its flow-through private placement first announced on September 10, 2010 and increased on October 21, 2010. |
Playfair closed the first tranche of this placement on October 21, 2010 raising gross proceeds of $700,000. (See News Release dated October 21, 2010 for details of the first tranche closing).
Pursuant to its final tranche closing, Playfair has raised additional gross proceeds of $1,839,000 through the issuance of 18,390,000 flow-through common shares at a price of $0.10 per share. Finder's fees of 1,581,000 common shares and 1,156,800 broker warrants (exercisable at $0.10 for one year) were paid in connection with this final tranche. All shares issued pursuant to this final tranche are subject to a four-month hold period from the closing date.
Total gross proceeds raised through Playfair's flow-through private placement is $2,539,000.
The proceeds will be used to drill test Playfair's 100% owned Seal Lake project, a region of widespread strata-bound sediment-hosted copper-silver mineralization.
About Playfair Mining
Playfair has recently expanded its exploration focus to concentrate on its new copper silver opportunity in the Seal Lake Sedimentary Basin. With its attention grabbing district scale, Seal Lake is a major opportunity for shareholders. The project's mineralization and geology is similar to globally important Kupferschiefer type copper-silver deposits. The 100% owned property is located in the mining friendly portion of central Labrador and covers numerous copper-silver occurrences. These showings occur within an extensive package of sedimentary rocks which are folded into a large syncline and outcrop over an estimated surface area measuring about 33km long by 4.4km wide. Playfair continues to believe that there is a strong case for an upcoming global Tungsten shortage and with four high-grade Tungsten deposits (two of which have 43-101 compliant resources), the Company remains well positioned to take advantage of the expected upcoming global Tungsten supply crisis. The Company's property portfolio also includes rare earth elements, copper-gold and molybdenum prospects.
Visit our website at www.playfairmining.com for more information.
ON BEHALF OF THE BOARD
"D. Neil Briggs"
D. Neil Briggs
Neither TSX Venture Exchange 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.
Forward-Looking Statements: This Playfair Mining Ltd News Release may contain certain "forward-looking" statements and information relating to Playfair which are based on the beliefs of Playfair management, as well as assumptions made by and information currently available to Playfair management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.