QUEBEC CITY, Dec. 24 /CNW Telbec/ - Conway Resources Inc. ("Conway" or
the "Company") (TSX-V: CWY) announces that it has completed a $31,000
private placement. In consideration, the Company has issued 439,167
flow-through common shares, 93,000 common shares and 532,167 share
purchase warrants. Each warrant entitles its holder to subscribe for
one additional common share of the Company at a price of $0.10 per
share for a 12-month period following the closing date of the private
The Company will use the proceeds from the private placement of
flow-through shares towards the exploration of its properties in
Quebec. The net proceeds from the private placement of common shares
will be used for working capital purposes.
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.
This private placement is subject to regulatory approval.
About Conway Resources Inc.
Conway is a mining exploration company 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.
Neither 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
SOURCE Conway Resources Inc.
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