07/19/2010 [ACCESSWIRE] SUPREME RESOURCES LTD. (the “Company”) announces that it has started its summer-fall exploration program on the “TAS” and “Verde” properties which adjoin Copper Mountain Mining Corporation’s property, approximately 15 km from the town of Princeton, British Columbia. The program will consist of trenching and diamond drilling on targets previously intended by a Titan 24 Geophysical Survey.
The Company has closed a non-brokered private placement financing announced on May 20, 2010, as amended June 17, 2010, by the issuance of 2,250,000 units (the “Units”) at a purchase price of $0.10 per Unit for gross proceeds of $225,000. Each Unit consists of one flow-through common share and one non-transferable share purchase warrant, each warrant entitling the holder to purchase one additional non-flow-through common share in the capital of the Company on or before July 14, 2011 at a purchase price of $0.15 per share.
In connection with certain subscriptions of the private placement, the Company paid finder’s fees consisting of an aggregate of $11,750.00 in cash and issued an aggregate of 107,500 common shares to Raymond James Ltd., Capital Street Investment Services Group and Wealth Creation & Preservation Inc.
All securities issued by the Company pursuant to the private placement are subject to a hold period of four months and one day and cannot be resold until November 16, 2010.
Proceeds of the private placement will be used to incur expenditures which qualify as Canadian exploration expenses and will be spent primarily on the Company’s TAS and Verde Projects located in the Copper Mountain Mining Camp near Princeton, British Columbia and the Ample-Goldmax Property located near Lillooet, British Columbia.
The directors are also planning a 22 kilometre geophysical program on the central prospect of the Tas Property. This work is expected to commence after the logging is completed in approximately two months, after the next round of financing scheduled for September or October 2010.
Further news will be forthcoming in the near future.
ON BEHALF OF THE BOARD
Per: “Allan Levien”
President and Chief Executive Officer
Contact: Allan Levien, CEO/President
About Supreme Resources Ltd.:
Supreme Resources Ltd. (SPR – TSX.V) is a junior exploration company with advanced base and precious metals projects located in producing mining districts of British Columbia, Canada. Supreme Resources’ goal is to increase shareholder value by developing exploration projects that have the potential of becoming new discoveries.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or the Company’s future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Company’s securities set out herein in the United States, or to, or for the benefit or account of, a U.S. Person or person in the United States.