Ms. 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.
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