Appleton Makes Initial Payment on Manalo Gold Project and Closes $700,746 Non-Brokered Private Placement
April 2, 2009 - Vancouver, British Columbia. Appleton Exploration Inc. (AEX – TSX.V) reports that pursuant to an agreement whereby the Company may acquire up to a 100% interest in the Manalo Gold Project in Mali (news release dated February 20, 2009), the Company has paid the initial cash payment of US$25,000 and has issued 500,000 units to Delta Exploration Inc. Each unit is comprised of one common share and one share purchase warrant entitling the holder to acquire one additional common share of Appleton at an exercise price of $0.27 per share, prior to April 1, 2011. The securities are subject to a four month hold until August 2, 2009.
The Company also reports that it has closed a non-brokered private placement of 10,010,654 units, priced at $0.07 per unit for gross proceeds of $700,746. Each unit is comprised of one common share and one share purchase warrant entitling the holder to acquire one additional common share of Appleton, at an exercise price of $0.10 per share, prior to April 1, 2010. Securities issued pursuant to the private placement are subject to a four month hold until August 2, 2009. Finders’ fees totalling $65,575 have been paid in conjunction with the private placement. Proceeds of the private placement will be used for general working capital and for acquisition and exploration expenditures on the Manalo Gold Project.
On Behalf of the Board of Directors,
“R. Tim Henneberry”
R.Tim Henneberry, P.Geo.
President and CEO
For further information, please contact:
Tim Henneberry: (604) 694-0741
For Investor Relations Information contact:
Contact Financial Corp.
604.689.7422 | Toll Free 1.877.689.7411
R. Tim Henneberry, P.Geo. , President, CEO & Director of the Company, is the Qualified Person as defined in
National Instrument 43-101, who has reviewed and approved the technical content of this news release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.