TORONTO, Sept. 27, 2012 /CNW/ - Armistice Resources Corp. (the
"Company") (TSX: AZ) is pleased to announce that is has engaged
Canaccord Genuity Corp. (the "Agent") to act as agent in connection
with a proposed fully marketed private placement to raise gross
proceeds of approximately $5 million (the "Offering"). The Offering
will consist of the sale of units (the "Units") priced at $0.16 per
Unit and flow-through common shares (the "Flow-Through Shares") priced
at $0.20 per Flow-Through Share.
Each Unit shall consist of one common share in the Company ("Common
Share") and one half of one Common Share purchase warrant of the
Company (each whole warrant a "Warrant") exercisable for a period of 24
months from the Closing Date (as herein defined). Each whole Warrant
shall be exercisable into one Common Share at a price of $0.25 per
The net proceeds of the Offering will be for the advancement of the
Company's assets and for general working capital purposes.
The closing of the Offering is expected to occur on October 24, 2012
(the "Closing Date") or such earlier or later date as may be agreed
upon by the Company and the Agent.
Terms of the Offering are subject to acceptance by the Toronto Stock
About Armistice Resources Corp.
Armistice Resources, a Canadian-based exploration and development
company, began in April 2012 shipping and milling ore from its McGarry
Mine. The McGarry Mine is located in Virginiatown on the prolific
Larder Lake-Cadillac Break that extends 200 km east-west straddling the
Ontario and Quebec border and that has produced 95 million ounces of
gold. Refining and sales of the gold concentrate resulting from the
milling began in August 2012. The McGarry Mine is adjacent to the
Kerr-Addison Gold Mine that produced more than 11 million ounces of
gold. Armistice has signed a definitive five-year option agreement for
the purchase of up to 100 percent of the mineral rights on the
Kerr-Addison property. The McGarry Mine consists of 33 contiguous
patented mining claims, including three licenses of occupation,
totaling 484 hectares. The McGarry Mine is fully permitted and all
equipment and systems at the site have been brought up to standards,
including its installed mining plant. Armistice Resources is listed on
the Toronto Stock Exchange (Symbol: AZ) and currently has 185,810,971
common shares issued and outstanding. To find out more about Armistice
Resources, please visit the company's website at www.armistice.ca.
This news release contains forward-looking statements, including current
expectations regarding financing opportunities, on the timing of the
commencement of production and the rate of production, if commenced.
These forward-looking statements entail various risks and uncertainties
that could cause actual results to differ materially from those
reflected in these forward-looking statements. Such statements are
based on current expectations, are subject to a number of uncertainties
and risks, and actual results may differ materially from those
contained in such statements. These uncertainties and risks include,
but are not limited to, the strength of the Canadian economy; the state
of the capital markets; the price of gold; operational, funding, and
liquidity risks; the degree to which mineral resource estimates are
reflective of actual mineral resources; and the degree to which factors
which would make a mineral deposit commercially viable are present; the
risks and hazards associated with underground operations. Risks and
uncertainties about Armistice Resources' business are more fully
discussed in the company's disclosure materials, including its annual
information form and MD&A, filed with the securities regulatory
authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Armistice Resources
assumes no obligation to update any forward-looking statement or to
update the reasons why actual results could differ from such statements
unless required by law.
SOURCE: Armistice Resources Corp.
<p> President, CEO and Chairman<br/> Todd J. Morgan<br/> Armistice Resources Corp.<br/> Email: <a href="mailto:email@example.com">firstname.lastname@example.org</a><br/> (705) 567-4567 </p> <p> Investor and Media Relations<br/> Richard W. Wertheim<br/> Wertheim + Company Inc.<br/> Email: <a href="mailto:email@example.com">firstname.lastname@example.org</a><br/> 416-594-1600 ext. 223<br/> 416-518-8479 (cell) </p>