BLAINE, WA, March 27 /CNW/ - Century Mining Corporation (CMM: TSX-V)
announces today that, subject to regulatory approval, it will complete a
non-brokered private placement of up to C$4.5 million, comprised of both units
and flow through shares.
This private placement is for up to C$4.5 million of aggregate gross
proceeds in any combination of (i) units at an issue price of C$0.23 per unit;
(ii) common shares issued on a "flow-through" basis at an issue price of $0.25
per flow-through share; and (iii) flow-through shares at an issue price of
$0.35 per share.
Each unit will consist of one common share of the Company and one common
share purchase warrant, with each warrant entitling the holder to purchase,
for a period of 18 months from the date of issuance, one additional common
share of the Company at an exercise price of C$0.40 per share.
In connection with the private placement the Company will pay certain
persons for introducing subscribers to the Company a finder's fee of cash
equal to 7% of the aggregate gross proceeds of such placement, and share
purchase options equal to 7% of the aggregate number of flow-through shares.
Each option shall be exercisable at a price of $0.23 for a period of 18 months
from the date of issue and shall entitle the holder to acquire one common
share of the Company and one warrant exercisable for one common share at a
price of $0.40 for a period of 18 months.
The proceeds from this offering will be used for the development of the
Lamaque Mine, further mill expansion at San Juan, and working capital. All of
the securities issued under these private placements will be subject to a
four-month hold period.
The Company also announced today that it has closed the final tranche of
a non-brokered private placement of 4,297,572 flow-through shares at a
subscription price of C$0.35 per flow-through share for gross proceeds of
C$1,504,150. The final tranche consisted of 1,142,857 flow-through shares for
gross proceeds of $400,000. This financing was previously announced on
December 24, 2007 and January 10, 2008. For introducing certain investors to
the Company, Century paid a 6% cash finder's fee. All of the securities issued
under this private placement are subject to a four-month hold period. The
proceeds of this flow-through share financing will be used for exploration on
and near the Company's Lamaque properties in Québec.
About Century Mining Corporation
Century Mining Corporation is an emerging mid-tier gold producer that is
aggressively acquiring producing mines and exploration properties in Peru. The
Company owns and produces gold at the Lamaque mine in Québec that historically
has produced over 9.4 million ounces of gold. In Peru, Century's wholly-owned
subsidiaries own an 82.6% interest in the San Juan Mine where the Company
accounts for 100% of gold production. Century's subsidiaries also operate the
Rosario de Belen mine where it accounts for 100% of both gold and silver
production. Century's growth strategy is to acquire gold producing assets in
South America that will substantially reduce the Company's consolidated total
cash cost of production and where there is exceptional exploration potential
to expand production at these mines.
On behalf of the Board of Directors,
"Margaret M. Kent"
Chairman, President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this press
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the
meaning of applicable securities laws. We use words such as "may", "will",
"should", "anticipate", "plan", "expect", "believe", "estimate" and similar
terminology to identify forward-looking information. It is based on
assumptions, estimates, opinions and analysis made by management in light of
its experience, current conditions and its expectations of future developments
as well as other factors which it believes to be reasonable and relevant.
Forward-looking information involves known and unknown risks, uncertainties
and other factors that may cause our actual results to differ materially from
those expressed or implied in the forward-looking statements and accordingly,
readers should not place undue reliance on those statements. Risks and
uncertainties that may cause actual results to vary include but are not
limited to the speculative nature of mineral exploration and development,
including the uncertainty of reserve and resource estimates; operational and
technical difficulties; the availability to the Company of suitable financing
alternatives; fluctuations in gold and other resource prices; changes to and
compliance with applicable laws and regulations, including environmental laws
and obtaining requisite permits; political, economic and other risks arising
from our South American activities; fluctuations in foreign exchange rates; as
well as other risks and uncertainties which are more fully described in our
annual and quarterly Management's Discussion and Analysis and in other filings
made by us with Canadian securities regulatory authorities and available at
While the Company believes that the expectations expressed by such
forward-looking statements and forward-looking information and the
assumptions, estimates, opinions and analysis underlying such expectations are
reasonable, there can be no assurance that they will prove to be correct. In
evaluating forward-looking statements and information, readers should
carefully consider the various factors which could cause actual results or
events to differ materially from those expressed or implied in the
forward-looking statements and forward-looking information.
For further information:
For further information: Brent Jones, Manager of Investor Relations,
E-mail: email@example.com, Phone: (877) 284-6535 or (360) 332-4653,
Fax: (360) 332-4652, Website: www.centurymining.com