QUEBEC CITY, Sept. 26, 2011 /CNW Telbec/ - Conway Resources Inc.
("Conway" or the "Corporation") (TSXV: CWY) is pleased to announce the closing of a $725,000 non-brokered flow-through private
placement with a Mining Fund.
The private placement consists in the issuance of 12,083,333
flow-through common shares at a price of $0.06 per share for proceeds
of $725,000 and 12,083,333 share purchase warrants. Each warrant will
entitle its holder to subscribe for one additional common share of the
Corporation at a price of $0.10 for a 12-month period following the
closing date of the private placement.
In connection with the private placement, the Corporation has paid, as a
finder's fee, a cash payment of 4% of the gross proceeds and issued
483,333 compensation common shares and 483,333 compensation warrants.
Each warrant will entitle its holder to subscribe for one additional
common share of the Corporation at a price of $0.10 for a 12-month
period following the closing date of the private placement.
The proceeds from the private placement will be used for exploration
work on the Corporation's Quebec properties. The shares issued and the
underlying shares to be issued pursuant to the exercise of the warrants
under the private placement are subject to a restricted period on
resale of four months and one day.
The private placement is 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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