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Vancouver, British Columbia – October 28, 2011 - Astral Mining Corporation (AA.TSXV) (“Astral” or the “Company”) is pleased to announce that it has closed its non-brokered private placement with the Mineralfields Group for gross proceeds of $300,000, as previously announced on October 14, 2011. The funds will be used for an airborne survey on the Honeymoon and Barriere Ridge properties in British Columbia.
The Company issued 1,200,000 flow-through units (the “FT Units”) at a price of $0.25 per FT Unit to five limited partnerships in the MineralFields Group. Each FT Unit consists of one flow-through common share and one-half of one transferable share purchase warrant. Each warrant entitles the holder to purchase one additional non flow-through common share of the Company for a period of one year from the closing date of the private placement at a price of $0.40 per share. The securities issued under the private placement are subject to a hold period of 4 months from the closing date in accordance with applicable securities laws. The Company paid a cash finder’s fee of 5% of the proceeds of the private placement to Limited Market Dealer Inc.
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. The sector focus is on gold and precious metals, base metals, rare earths and lithium, potash, uranium, oil, coal and gas. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®, and have raised over $1 billion in their 10 year history.
About Astral
Astral Mining Corporation is a Canadian company engaged in the exploration and development of precious metal properties in North America. By focusing on exploration in mining-friendly districts, the Company minimizes the political and social risks encountered in many other parts of the world. With a new gold discovery at the Company's Jumping Josephine Gold Project in Southern British Columbia and an experienced technical team and seasoned management, Astral is poised to leverage this expertise into early exploration success. Further details on Astral Mining Corporation and its high-quality portfolio of exploration projects can be found at www.astralmining.com.
ON BEHALF OF THE BOARD “Manfred Kurschner" Mr. Manfred Kurschner, President & CEO Astral Mining Corporation
For further information on Astral please contact Manfred Kurschner, President & CEO, at (604) 569-0800, or by email
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
This e-mail address is being protected from spambots. You need JavaScript enabled to view it , or visit the Company's web site at http://www.astralmining.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
2011 Number 19
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