|By Marketwired .||
|October 17, 2013 03:01 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/17/13 -- Makena Resources Inc. ("MKN", "Makena" or the "Company") (TSX VENTURE:MKN) is conducting a non-brokered private placement of up to ten million units at $0.12 per unit for gross proceeds of $1,200,000. Each unit will consist of one common share and one transferable share purchase warrant exercisable at $0.18 per share for a period of five years, subject to approval of the TSX Venture Exchange ("TSX.V"). The company previously submitted a price reservation form to the TSX.V in regards to this private placement.
Proceeds of the offering are expected to be used towards general working capital and the Patterson claims. A finder's fee may be paid in accordance with TSX.V policy.
MKN recently acquired the Patterson Uranium Prospect, which may be prospective for uranium consisting of three claim blocks totaling 6,687 hectares (16,524 acres), which are all located in the Athabasca Basin. The west block directly borders the recent discovery on the Patterson Lake South Property by Alpha Minerals Inc. and Fission Energy Corp. The other two blocks are in the direct vicinity of the discovery (please refer to maps on the Company's website www.makenaresourcesinc.com).
Makena also holds a 50% interest the Clone property in Stewart, BC. To date, Makena has achieved significant drill results that returned grades of 12.80 m (42ft) of 44.75g/t (1.305oz/t) (12/22/09) gold values including 4.87m (16 ft) of 76.80g/t (2.240oz/t) and a 102 tonne bulk sample that returned grades 4 oz/t or 139.2 g/t gold (10/22/11) over the 102 individually tested tonne samples.
Negar Adam, president of the Company states, "Makena is currently uniquely positioned as the company with the smallest market capitalization that borders the Patterson Lake South discovery. Management is planning an aggressive work program to explore this prospect and looks forward to commencing these operations."
Negar Adam, President, Director
Makena Resources Inc.
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 press release.
Makena Resources Inc.