TSX Venture Exchange
Trading Symbol: CFI
ST. JOHN'S, NL, March 28, 2013 /CNW/ - Canada Fluorspar Inc. (TSX-V:CFI)
("CFI" or the "Company") is pleased to announce that the Company has
closed a non-brokered private placement of 4,151,331 flow-through units
(the "Flow-Through Units") at a price of $0.30 per Flow-Through Unit
for gross proceeds of $1,245,399.
Each Flow-Through Unit consists of one common share in the capital of
the Company (each a "Common Share") and one-half of one common share
purchase warrant (each whole warrant, a "Warrant"), each issued on a
flow-through basis. Each whole Warrant entitles the holder to purchase
one Common Share (a "Warrant Share") at an exercise price of $0.35 per
Warrant Share for a period of twelve (12) months.
Each Warrant is subject to an accelerator clause whereby at the
Company's option, the holder must exercise their Warrants within 14
calendar days in the event that Common Shares trade at or greater than
a weighted average price of $0.45 per share for 15 consecutive trading
days on the TSX Venture Exchange.
The Company paid finder's fees of 6% in cash to certain introducing
parties on the gross proceeds of the private placement attributable to
the purchases made by purchasers introduced by such parties. Finder's
fees totaling $63,300 have been paid with respect to the first tranche
of the private placement.
Certain Common Shares and Common Shares acquired upon the exercise of
the Warrants are subject to a four-month and one day hold period
expiring on July 29, 2013.
The gross proceeds from the Flow-Through Units will be used for the
Company's continued exploration activities on the Director and Grebes
Nest Veins and other fluorspar properties located on the Company's 100%
owned mineral properties at St. Lawrence, Newfoundland.
About the Company
The Company is a specialty mineral resource company engaged in the
development of fluorspar deposits located in St. Lawrence,
Newfoundland, Canada, and is reactivating the existing Blue Beach North
and Tarefare underground fluorspar mines, expanding the existing mill,
constructing a new, environmentally-sound Tailings Management Facility
through Newspar, which it's a 50/50 joint venture with Arkema. The
Company is also building a new deep-water marine terminal in the outer
St. Lawrence Harbour for the export of fluorspar concentrate product.
For more information please see: www.canadafluorspar.com
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.
SOURCE: Canada Fluorspar Inc.
For further information:
Lindsay Gorrill President and CEO
Canada Fluorspar Inc.