Creso Exploration Closes $1.1 Million Private Placement Financing
29 Noviembre 2011 - 9:22AM
Marketwired
Creso Exploration Inc. ("Creso" or the "Corporation") (TSX
VENTURE:CXT)(OTCQX:CRXEF)(FRANKFURT:C3X) has issued 5,304,000
common shares (each, a "Common Share") at $0.12 per Common Share
and 3,333,334 units (each, a Unit) at $0.15 per Unit for total
consideration of $1,136,480 pursuant to non-brokered private
placements. Each Unit is comprised of one flow-through common share
and one-half of a Common Share purchase warrant (each whole
warrant, a "Warrant"). Each Warrant entitles the holder to purchase
one Common Share at $0.20 for two years. As finders' fees, Creso
paid in cash 10% of gross proceeds and granted 235,200 options,
each entitling the holder to purchase one Common Share at a price
of $0.12 for one year.
All securities issued have a hold period of four months from the
date of closing.
The proceeds of the flow-through financing will be used to
finance the exploration work on the Corporation's properties in the
Shining Tree area and will constitute Canadian exploration expense
("CEE") (as defined in the Income Tax Act). The balance of the net
proceeds will be used to finance the exploration work on the
Shining Tree properties and for working capital purposes.
The Common Shares and Units have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
"1933 Act"), or under any state securities laws, and may not be
offered or sold, directly or indirectly, or delivered within the
United States or to, or for the account or benefit of, U.S. persons
(as defined in Regulation S under the 1933 Act) absent registration
or an applicable exemption from the registration requirements. This
news release does not constitute an offer to sell or a solicitation
to buy such securities in the United States.
About Creso
The Corporation's principal mining exploration holdings are
located in the Shining Tree mining camp of Northern Ontario within
100 km of the Timmins and Kirkland Lake mining camps, and
additional interests are held in base metal properties in
Guatemala.
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements that address future events and
conditions, which are subject to various risks and uncertainties.
Actual results could differ materially from those anticipated in
such forward- looking statements as a result of numerous factors,
some of which may be beyond the Corporation's control. These
factors include: results of exploration activities, general market
and industry conditions, and other risks disclosed in the
Corporation's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and
opinions of the Corporation's management on the date the statements
are made. The assumptions used in the preparation of such
statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The Corporation
expressly disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law. Depending on exploration results and available
financing, the Corporation may at any point modify its work
program.
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.
Contacts: Pierre Gauthier Director and acting President, CEO
(514) 866-6001 # 239 (514) 866-6193 (FAX)info@creso.cawww.creso.ca
Douglas Murray Investor Relations (613) 220-0569 / (613)
882-7295dmurray@creso.ca
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