News Releases
| May 13, 2010 $1,500,000 Private Placement | |
| Vancouver, B.C.: AKA Ventures Inc. ("AKA" or the "Company") (TSX-V Symbol: AKA) announces that, subject to regulatory approval, it will be conducting a non-brokered private placement of up to 10,000,000 units ("Units") at a price of $0.15 per Unit to raise proceeds of up to $1,500,000. Each Unit will consist of one common share and one share purchase warrant with each warrant entitling the holder to acquire one additional common share at a price of $0.25 per share for a period of one year from closing (the "Unit Warrants"). The Unit Warrants are subject to the right of the Company to accelerate the exercise period for the Unit Warrants if the common shares of the Company trade above $0.50 for a period of 10 consecutive trading-days. The proceeds of the private placement will be used for the drill programs at the Quebec Lithium and the Rockhill Canyon Projects and the Initial Program at the Copper Joe Project as well as for general working capital purposes. Rockhill Canyon Gold Project The Rock Hill Canyon Property is located in the East Range, 24 miles southwest of Winnemucca, Nevada and consists of 31 lode claims at Rock Hill Canyon. The principal target at the Property is Sandy Point, where outcropping quartz stockwork veins average 1.35 ppm (grams/ton) gold, including a maximum value of 4.07 ppm (grams/ton). Surrounding soil samples are anomalous in gold, arsenic, lead and zinc, with the highest gold value in soils being 1.88 ppm (grams/ton). Gold mineralization in quartz stockwork veins is hosted by small Triassic porphyritic rhyolitic dikes and plugs, which intrude phyllite and siltstone of the lower Triassic Rochester Rhyolite. The small rhyolite intrusions are believed to be the upward expression of a larger buried rhyolite porphyry stock. The intrusions and their host rocks are highly sericitically altered, moderately silicified, and possibly albitized. Adularia, oxidized pyrite and native gold have been observed in the quartz stockwork. The host rock, alteration and gold mineralization is similar to that found at Midway Gold Corporation's Spring Valley project. Quebec Lithium Project The Lacorne Property is located in the heart of the southern portion of the Abitibi Greenstone Belt in Quebec, 100 km NE of the mining town of Rouyn-Noranda, 45 km N of Val-d'Or and 50 km NE of Malartic. The Project consists of 3 separate claim blocks: the Valley claims, the Lacorne claims and the Baillarge Lake claims, each of which is host to significant Lithium (Li2O) mineralization as well as other High Technology Metals ("HTMs"). Copper Joe Project Copper Joe is a porphyry copper-molybdenum prospect located 20 kilometers north of Wickieup in Mohave County Arizona in the heart of a well known productive copper belt. Nearby producing copper-molybdenum mines include Freeport's Bagdad mine (100,000 tpd open pit mine/mill/leach operation) located 50 kilometers to the southeast and Mercator Minerals' Mineral Park mine (25,000 tpd open pit mine/mill/leach operation) located 70 kilometers to the northwest. The opportunity at Copper Joe derives from the recognition that a major porphyry copper-molybdenum system has been cut by a fault, and that the prospective copper-bearing top of this system overlain by potentially mineralized landslide deposits (sturzstroms) now lies beneath shallow cover within the claim block. To secure the ground, 9000 acres of mineral rights have been acquired via staking of 406 federal lode claims and filing one State of Arizona mineral exploration permit. In the process of claim staking, black manganese-copper oxide deposits were located east of the target area in young gravel deposits, exactly where they would be expected if a copper-molybdenum deposits were oxidizing beneath the target area. The Company intends to pay a finder's fee incidental to the financing in accordance with Exchange policies. The private placement and payment of a finder's fee are subject to TSX Venture Exchange acceptance. On behalf of the Board of Directors of AKA Ventures Inc. "Albert Gerry" Albert Gerry, CEO & Director For further information please contact the Company Tel: 604.568.1823 "NEITHER 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 RELEASE." | |
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