VANCOUVER, March 1, 2013 /CNW/ - Cliffmont Resources Ltd. (TSX-V - CMO) (the "Company") is pleased to announce that further to its news release
of February 19, 2013, the Company has completed an initial closing of
its non-brokered private placement (the "Private Placement") by issuing
a total of 3,094,783 units (a "Unit"), at a price of $0.35 per Unit,
for gross proceeds of $1,083,174. Each Unit comprises one common share
and one-half of one transferable share purchase warrant. Each whole
warrant (a "Warrant") entitles the holder to purchase one common share
of the Company, at a price of $0.50 per share, for a period of 18
months from closing, with a forced conversion which comes into effect
once the shares trade at a price above $0.75 per common share for a
period of 15 consecutive days
The Company paid a finder's fee of $15,954.74 cash and issued 45,585
non-transferable finder's warrants, being 7% cash and 7% warrants, on a
portion of this financing. The finder's warrants are exercisable into
45,585 common shares, at a price of $0.50 per share, for a period of 18
months from closing.
All securities issued pursuant to the Private Placement are subject to a
four month hold period expiring on June 29, 2013.
The net proceeds from this private placement will be used for the
continued exploration of the San Luis Project and for general working
ON BEHALF OF THE BOARD
Jeff Tindale, President and CEO
About Cliffmont Resources:
Cliffmont Resources Ltd. (TSX-V:CMO) is a Vancouver-based company
focused on the exploration of precious and base metals in Colombia's
prolific San Luis mining district. The Company has a 100% option in the
San Luis Project, comprising 2,701 hectares, including an exploitation
concession located on the Eastern flank of the Central Cordillera of
Colombia within the Department of Huila. As a well-funded first mover
in one of Colombia's most prolific under-developed gold districts, the
Company is conducting an aggressive and focused exploration program.
The San Luis Project consists of a 7km x 3km mineralized area that
spans hosting epithermal gold and silver targets, including multiple
past producing gold mines.
Forward Looking Statements. This Company news release contains certain "forward-looking" statements
and information relating to the Company that are based on the beliefs
of the Company's management as well as assumptions made by and
information currently available to the Company's management. Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitations, competitive
factors, general economic conditions, customer relations, relationships
with vendors and strategic partners, the interest rate environment,
governmental regulation and supervision, seasonality, technological
change, changes in industry practices, and one-time events. Should any
one or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
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: Cliffmont Resources Ltd.
For further information:
Telephone: (604) 568-6894
Facsimile: (604) 568-6834