VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 17, 2005) - Almaden Minerals Ltd. (the "Company") (TSX:AMM) 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, President
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Almaden Minerals Ltd.
(604) 689-7645 (FAX)