MacDonald Mines Exploration closes flow-through private placement for US$2.9 million

On August 20, 2010, MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) announced the closing of a private placement financing for total gross proceeds of $2,918,000. All shares issued were on a flow through basis. The company issued 15,357,894 units (the "Units") at a price of $0.19 per Unit. Each Unit is comprised of one "flow through" common share and one half common share purchase warrant. Each full warrant entitles the holder to purchase one common share of the company for $0.25 per share and expires 24 months from the date of closing. The company intends to use the proceeds of the offering for exploration efforts in the "Ring of Fire" area near James Bay, Ontario. Peter Villani of Fasken Martineau acted as Quebec counsel to MacDonald Mines Exploration in this transaction.