TORONTO, ONTARIO--(Marketwire - Oct. 24, 2012) - Strike Minerals Inc. (TSX VENTURE:STK) held its Annual General Meeting ("AGM") on October 19, 2012. At the meeting the shareholders approved the following resolutions:
Directors of the company elected to hold office for the ensuing year or until their successors is appointed: Denis Crane, Michael Newbury, Michael S. Harrington, Wendy Kimmel, Bruce Edgar and Scott Jobin-Bevans.
The appointment of NPT LLP as auditors for the Corporation for the fiscal year ending April 30, 2012 and their remuneration to be fixed by the Directors.
The issuance of up to 90 million common shares during the ensuing year for the purposes of private placement financing or asset acquisition. This is in addition to the regular private placement dilution for fund raising as allowed by the TSX.V
Re-approved the Company's rolling Stock Option Plan.
Board of Directors Meeting Following the Annual General Meeting completed the following:
|Chairman of the Board||Denis Crane|
|Chief Executive Officer||Michael Newbury|
|Chief Financial Officer||Robert Suttie|
|Corporate Secretary||Wendy Kimmel|
|Audit Committee - Michael S. Harrington (Chair), Denis Crane and Scott Jobin-Bevans|
|Compensation Committee - Wendy Kimmel (Chair), Michael S. Harrington and Denis Crane|
|Finance Committee - Denis Crane (Chair), Michael S. Harrington and Michael Newbury|
Strike also announces that it has closed a non-brokered private placement (the "Offering") of 836,181 flow-through units ("FT Units") for gross proceeds of $71,075.38 and 250,000 non flow-through units ("Non-FT Units") for gross proceeds $17,500.00 and, together with the FT Units, the "Units") for total gross proceeds of $88,575.00.
Each Unit consists of one common share and one common share purchase warrant, each whole warrant entitling the holder to acquire one additional common share at an exercise price of $0.12 within 36 months of closing, subject to a forced conversion right exercisable by the Company upon 30 days' written notice in the event that the common shares trade at or above $0.18 per share on the TSX Venture Exchange for a period of 30 consecutive trading days.
Jennings Capital Inc. and Canaccord Genuity Corp. acting as finders, received cash commissions of $7,085.65, and 86,894 Compensation Options. The securities are subject to a four month hold period.
The proceeds of the Offering will be used to fund exploration programs on the company's Edwards Mine property and for general working capital purposes.
Strike Minerals is a TSX-V listed company that is engaged in the exploration and development of precious metal properties in Canada. Its primary property is the former producing Edwards Gold Mine property in the Goudreau - Lochalsh Gold Camp near Wawa Ont. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces. Between 1996 and 2001 underground development was completed through a decline to a depth of approximately 290 m and mining over the period resulted in 145,000 ounces being produced from the Edwards property at an average grade of 0.335 opt. Subsequent drilling on the property has delineated an additional five zones that have significant gold mineralization. At present Strike has dewatered the underground workings below the 140m level and is now continuing underground drifting on both the 60m and 90m level and delineated the Edwards #1 and #5 zones with the plan to be in production in 2012.
Strike also has a large land position in the Hemlo West area near Schreiber, Ont. The property has a number of historic producers that produced small tonnages of very high grade gold mineralization, averaging approximately 18-25 g/t gold, between 1935 and 1937 generally associated with shear zones in the region. These shear systems have seen very little modern exploration, and drill testing at or near a prominent syenite volcanic contact is considered highly prospective for the discovery of additional gold mineralization. Strike is conducting an initial program of surface geological and alteration mapping on the Property with a goal of increasing the understanding of the geologic and structural relationships on the Property in preparation for drill testing to assess the extent and value of the mineralization.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Strike, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that the company's exploration projects will add to Strike's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.