/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TORONTO, June 18 /CNW/ - Canada Fluorspar Inc. (TSX-V: CFI) (the
"Company") is pleased to announce that it has closed the previously announced
private placement financing resulting in aggregate gross proceeds of
$2,000,000. The private placement consisted of an aggregate of 3,100,142
common shares issued at a price of $0.35 per share and 2,178,452 common shares
issued on a "flow-through" basis issued at a price of $0.42 per share (the
"Offering"). Certain directors, officers and insiders of the Corporation have
subscribed for more than 25% of the private placement.
A finder's fee in the amount of $13,500 was paid to an arm's length third
party of the Company on that portion of the gross proceeds raised by the
The common shares and common shares issued on a "flow-through" basis
pursuant to the private placement have a four month hold period which shall
expire on October 19, 2009.
The Company intends to use the proceeds of the private placement as
working capital to fund the continued program on the Company's fluorspar
property at St. Lawrence, Newfoundland and Labrador.
The Company is a junior mineral resource company engaged in the
development and production of fluorspar deposits at its property located in
St. Lawrence, Newfoundland and Labrador. The common shares of the Company are
listed on the TSX Venture Exchange under the symbol CFI.
"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."
For further information on the Company please see:
For further information:
For further information: Lindsay Gorrill, President and CEO, Canada
Fluorspar Inc., Tel: (208) 667-1278