QUEBEC CITY, Dec. 6, 2012 /CNW Telbec/ - Conway Resources Inc. ("Conway"
or the "Company") (TSXV: CWY) is pleased to announce that it has closed
a $35,000 non-brokered private placement of common flow-through shares
and common shares.
The private placement resulted in the issuance of 630,000 common
flow-through shares of Conway at $0.05 per share for a total of
$31,500, 70,000 common shares of Conway priced at $0.05 per share for a
total of $3,500 and 700,000 warrants, with each warrant entitling its
holder to purchase an addition common share of the Company for $0.10
during a 12-month period following the closing of the private
The proceeds of the private placement will be used for drilling on Vein
18 in preparation for one or more bulk samples to be taken in 2013 on
the Belleterre mining concession in Témiscamingue, Québec. This
drilling will also save the Company money on the next major drilling
program, planned for the spring of 2013.
The common shares issued under the private placement and the underlying
common shares issuable on exercise of the warrants are subject to a
resale restriction period of four months plus a day.
The private placement is also 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.
For further information:
Conway Resources Inc.
President and Chief Executive Officer