VANCOUVER, Nov. 20, 2013 /CNW/ - Curis Resources Ltd. ("Curis" or the
"Company") (TSX: CUV) announces that it has arranged a C$7 million
non-brokered private placement financing, pursuant to which Curis will
issue 11,666,667 common shares in the capital of Curis ("Shares") at a
price of C$0.60 per Share, to existing shareholder Taseko Mines Limited
("Taseko"). Taseko will then own 17% of Curis' outstanding shares and
also retains information rights and a pro rata right to participate in
future financings subject to customary exceptions.
"This investment represents strong support and confidence by a major
Canadian mining company in the management and future prospects of
Curis, and our flagship Florence Copper project. Taseko is a long term
committed shareholder that will bring financial and technical strength
to the Curis team. The funding will allow Curis to advance Florence
Copper through the final stage of project permitting for our first
phase of project development and also support the ongoing development
of the Company," stated Michael McPhie, President and CEO of Curis.
Proceeds from the private placement will be used to advance the
development of Curis' in-situ copper recovery project in Florence,
Arizona. The private placement is subject to the approval of the
Toronto Stock Exchange and is targeted to complete in two tranches by
January 2, 2014.
Curis Resources Ltd. is a mineral development company associated with
Hunter Dickinson Inc., a diversified global mining company with a
25-year history of mineral development success. Curis is focused on
the acquisition, development, operation and monetization of
high-quality next-generation copper properties in progressive
jurisdictions around the world. It is currently focused on advancing
its 100% owned Florence Copper Project in Arizona, USA to near-term
For more project-level information, sign up to receive News and Updates from the Florence Copper website.
Taseko Mines Limited is a Canadian-based mining company led by
experienced, disciplined and operations-focused mining industry
leaders. Its key asset, the Gibraltar Copper-Molybdenum Mine, is
located in central British Columbia. The mine, which has been in
operation since 1972, has recently undergone a $700 million upgrade and
expansion and is now the 2nd largest open pit copper-molybdenum mine in Canada, employing
approximately 650 employees. Taseko is dedicated to responsible growth
to maximize benefits for its employees, local communities and
shareholders. Taseko is committed to providing local jobs, supplier
opportunities, training programs and community sponsorships, as well as
responsible stewardship of the natural environment.
President and CEO
No regulatory authority has approved or disapproved of the information
contained in this news release.
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration drilling,
exploitation activities and events or developments that the company
expects are forward-looking statements. Although the Company believes
the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially
from those in the forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include fluctuations in market prices, exploitation and
exploration successes, continuity of mineralization, uncertainties
related to the ability to obtain necessary environmental, land use and
other permits, approvals, licenses and title on a timely basis and
delays due to third party opposition, changes in government policies
regarding mining and natural resource exploration and exploitation, the
final outcome of any lawsuits, the continued availability of capital
and financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of
future performance and actual results or developments may differ
materially from those projected in the forward-looking statements. For
more information on the Company, investors should review the Company's
continuous disclosure filings that are available at www.sedar.com.
SOURCE: Curis Resources Ltd.
For further information:
Manager, Investor Relations