QUEBEC CITY, May 30, 2011 /CNW Telbec/ - Conway Resources Inc. ("Conway"
or the "Corporation") (TSXV: CWY) is pleased to announce the closing of
non-brokered private placements of common and flow-through common
shares totaling $298,000.
The Corporation closed a first private placement of common shares
consisting in the issuance of 2,833,334 common shares of Conway at a
price of $0.06 per share for proceeds of $170,000 and 2,833,334
warrants. Each warrant entitles its holder to purchase one additional
common share of the Corporation at a price of $0.10 for a 24-month
period from closing of the private placement.
The Corporation also closed a second private placement of common shares
and flow-through common shares consisting in the issuance of 354,285
common shares of Conway at a price of $0.07 per share for proceeds of
$24,800, 1,474,284 flow-through common shares of Conway at a price of
$0.07 per share for proceeds of $103,200 and 1,828,569 warrants. Each
warrant entitles its holder to purchase one additional common share of
the Corporation at a price of $0.12 for a 24-month period from closing
of the private placement.
The proceeds from the private placements will be used for exploration
work on the Corporation's Quebec properties and for working capital
purposes. The common shares issued and the underlying common shares to
be issued pursuant to the exercise of the warrants under the private
placements are subject to a restricted period on resale of four months
and one day.
These private placements are subject to regulatory approval.
About Conway Resources Inc.
Conway is a mining exploration corporation that owns four gold
properties and one rare metals property in Quebec. Its main asset is
the Belleterre Mine property. The property is the site of the old
Belleterre mine, which produced over 800,000 ounces of gold between
1936 and 1959. A total of 2.18 million tonnes of ore at an average
grade of 10.73 g/t Au were extracted from the mine, primarily from vein
12 (95% of production). Earlier reports indicate the presence of at
least 21 veins on the property.
More information can be found on Conway's website at www.ressources-conway.com.
This press release contains certain forward-looking statements that
might involve uncertainty, time frames, and/or known and unknown risks
beyond the Corporation's control. The Corporation's actual results,
performance and achievements may differ materially from the results,
performance and achievements implied by such forward-looking
Neither the TSX Venture Exchange Inc. nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange Inc.) accepts responsibility for the adequacy or accuracy of
this press release.
SOURCE CONWAY RESOURCES INC.
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