Indicator Minerals Inc. (TSX VENTURE:IME) announced that it has completed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $1,500,000.

The press release is quoted as saying:

Indicator issued 10,000,000 flow-through units at a price of $0.15 per flow-through unit. Each flow-through unit is comprised of one flow-through common share and one transferable share purchase warrant of the Company. Each share purchase warrant is exercisable to purchase one common share of the Company at a price of $0.20 per share until June 17, 2012, subject to an acceleration provision in the event the closing price of the Company's shares on the TSX Venture Exchange (the "Exchange") exceeds $0.30 for at least 10 consecutive trading days.

Click here to access the entire press release ^[1]

Click here to access Indicator Minerals Inc. Corporate Site ^[2]