DrStockPick.com Presents A Stock Alert For Monday, August 2, 2010. Gold American Mining Corp. (SILA.OB).
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Gold American Mining Corp. (OTC.BB:SILA) is pleased to provide an update on the financing activities of the Company.
As previously reported on May 11, 2010, the Company entered into a $7.5 million equity financing agreement with a European institutional investment group that specializes in backing precious metals and mining ventures. Gold American Mining is pleased to announce that up to date they have received funds in the amount of $300,000 in virtue of this agreement and that The Company still has a balance of $7.2 million that they could call upon to fund our exploration and acquisition strategy. During 2010, Gold American Mining has received total equity subscription proceeds of $500,000.
The funding will be utilized by Gold American in its ongoing acquisition strategy and specifically in the further exploration and development of its existing Keeno Strike Property in Nevada, which could potentially contain ~1.1 million ounces of gold and ~69.0 million ounces of silver accessible via open-pit bulk handling methods, and its Guadalupe Property in Mexico, which is located approximately 5 miles north of the world’s richest underground silver mine, operated by the +$10 billion London Stock Exchange-traded company, Fresnillo plc.
“During the first half of this year, Gold American has raised $500,000 in equity financing without incurring any debt. These funds have helped the Company fuel its FY2010 exploration program and added to its working capital,” stated Johannes Petersen, President of Gold American. “With the existing equity agreement in place, the Company is well-positioned to take advantage of improved global financial and commodity market conditions,” added Mr. Petersen.
Gold American Mining Corp. is a precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich gold and silver production potential. Based in Reno, Nevada, Gold American has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations.
PRICE: $0.90
CHANGE:up 0.05 (5.88%)
VOLUME: 329,715
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Tags: Gold American Mining, gold mining, Nevada, precious metals, SILA.OB
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