Anaconda Announces Second Closing of Private Placement Financing

TORONTO, ONTARIO Private Placement — Anaconda Mining Inc. announced it has closed the second and final tranche of a non-brokered private placement financing (private placement memorandum — PPM). Gross proceeds of the second tranche amount to $0.48 million of the total of $2.5 million financing. Lewis Lawrick, President and CEO of Anaconda commented: “The closing of this financing will enable Anaconda to ramp up production at Pine Cove, and further develop our production opportunity at San Gabriel.”

The financing consists of a unit offering whereby each unit (a “Unit”) (to a maximum of 25 million units) consists of one common share of the Company and one common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one additional common share, for a period of 24 months following the date of closing of the private placement (“Closing Date”). The warrants have an exercise price of $0.15 per share if exercised within the first 12 months from the Closing Date and $0.20 per share if exercised between 12 and 24 months from the Closing Date.

Each warrant is subject to an acceleration right of the Company. In the event the average closing price of the common shares of the Company trading on the TSX is at least $0.40 per share for a period of not less than twenty (20) consecutive trading days commencing after the Closing Date, the Company shall have the right, on not less than 20 days prior written notice to the holder, to accelerate the expiry day to a day which is not less than 20 days following the date of the acceleration notice.

The common shares and warrants forming the Units, as well as any common shares issued upon exercise of the warrants prior to August 23, 2009 are subject to a four month hold period from the Closing Date.

http://www.marketwire.com/press-release/Anaconda-Mining-Inc-TSX-ANX-987200.html

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