News Release: November 17th, 2005
Almaden Minerals Ltd. Announces
Closing of Private Placement Financing
Almaden Minerals Ltd. (the "Company")
announces that on November 16, 2005 it has closed a Private Placement
of 3,700,000 Units at a price of $1.70 per Unit which Placement
was arranged through brokers.
Each Unit consists of one common share and
one Warrant entitling the holder to purchase, for a period of
2 years from the Closing, one additional common share at a price
of $2.10 per share. The Warrants contain a provision whereunder
if, during the term of any unexercised Warrant commencing 4 months
after the Closing, the common shares of the Company trade on
any exchange for a period of 20 consecutive trading days at a
price of $2.75 or greater the Company may, at its option and
by notice in writing to each holder, require the holder of the
Warrant to exercise such Warrant failing which the Warrant will
be deemed to have expired.
A cash commission of 7% of the total gross
proceeds realized from the placement of the Units was paid together
with non-transferable Broker's Warrants in a number equal to
10% of the Units placed. Each Broker's Warrant entitles the holder
to purchase, for a period of 2 years from the Closing, one common
share at a price of $1.78 per share.
Proceeds of the financing will be used for
continued exploration of the Company's properties, development
of new projects and general corporate purposes.
ON BEHALF OF THE BOARD
OF DIRECTORS
Duane Poliquin
The Toronto Stock Exchange
has not reviewed nor accepted responsibility for the adequacy
or accuracy of the contents of this news release which has been
prepared by management. Statements contained in this news release
that are not historical facts are forward looking statements
as that term is defined in the private securities litigation
reform act of 1995. Such forward -looking statements are subject
to risks and uncertainties which could cause actual results to
differ materially from estimated results. Such risks and uncertainties
are detailed in the Company's filing with the Securities and
Exchange Commission. |
