Acero-Martin Closes Second Tranche Of Private Placement
|October 9, 2008
Acero-Martin Exploration Inc. (TSX-V: ASD; Frankfurt: AMX) (“Acero-Martin” or the “Company”) announces that, further to its news release dated September 15th, 2008, it has closed the second tranche of its non-brokered private placement, issuing a total of 3,690,151 Units at 6 cents per Unit for gross proceeds of $221,409. Combined with the first tranche, which closed on September 15th, the gross proceeds raised from both tranches of the private placement total $1,860,134.
Each Unit consists of one common share of the Company (“Share”) and one half of one share purchase warrant (“Warrant”). Each whole warrant entitles the holder to purchase one Share of the Company for a period of 12 months after the closing date at a price of 10 cents per Share.
No finder’s fees were paid in connection with the closing of the second tranche of the placement. All of the securities issued pursuant to the private placement, including any shares issued on the exercise of warrants, are subject to a four-month hold period expiring February 9th, 2009.
The proceeds from the private placement will be used for the continued exploration and development of the Pinaya gold-copper project in southern Peru and for general working capital purposes.
About Acero-Martin Exploration Inc.
Acero-Martin Exploration Inc. is a resource company focused on creating shareholder value by exploring for precious and base metals, with the immediate goal of defining a major deposit at its 100 percent-owned Pinaya Project located in Peru. The Pinaya Project has an initial NI 43-101-compliant indicated resource of 29.13 million tonnes grading 0.53 g/t Au and 0.42% Cu (498,000 oz Au and 269 million lbs Cu) and an inferred resource of 12.72 million tonnes grading 0.41 g/t Au and 0.41% Cu (168,000 oz Au and 115 million lbs Cu). Subsequent to this estimate, Acero-Martin has continued to define the deposit by drilling an additional 90 holes bringing the project totals to more than 45,000 meters and 160 holes.
For additional information, contact us at
1 877 646 0067
Email: or visit our website http://www.acero-martin.com
ON BEHALF OF THE BOARD OF DIRECTORS
Stewart Jackson, PhD, P. Geol.
President and CEO
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the Company by Dr. Stewart Jackson, P.Geol., President and CEO of Acero-Martin, and a qualified person.
This news release has been prepared by management. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or achievements implied by these forward looking statements. We seek safe harbor.