TSX Venture Exchange
Trading Symbol: CFI
ST. JOHN'S, NL, April 18, 2013 /CNW/ - Canada Fluorspar Inc. (TSX-V:CFI) ("CFI" or the "Company") is pleased to announce that the Company has closed a non-brokered private placement of 1,166,667 flow-through units (the "Flow-Through Units") at a price of $0.30 per Flow-Through Unit for gross proceeds of $350,000.10.
Each Flow-Through Unit consists of one common share in the capital of the Company (each a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"), each issued on a flow-through basis. Each whole Warrant entitles the holder to purchase one Common Share (a "Warrant Share") at an exercise price of $0.35 per Warrant Share for a period of twelve (12) months.
Each Warrant is subject to an accelerator clause whereby at the Company's option, the holder must exercise their Warrants within 14 calendar days in the event that Common Shares trade at or greater than a weighted average price of $0.45 per share for 15 consecutive trading days on the TSX Venture Exchange.
The Company paid finder's fees of 6% in cash to certain introducing parties on the gross proceeds of the private placement attributable to the purchases made by purchasers introduced by such parties. Finder's fees totaling $21,000.02 have been paid with respect to this private placement.
All of the Common Shares and Common Shares acquired upon the exercise of the Warrants issued pursuant to the private placement are subject to a four-month and one day hold period expiring on August 19, 2013.
The gross proceeds from the Flow-Through Units will be used for the Company's continued exploration activities on the Director and Grebes Nest Veins and other fluorspar properties located on the Company's 100% owned mineral properties at St. Lawrence, Newfoundland.
About the Company
The Company is a specialty mineral resource company engaged in the development of fluorspar deposits located in St. Lawrence, Newfoundland, Canada, and is reactivating the existing Blue Beach North and Tarefare underground fluorspar mines, expanding the existing mill, constructing a new, environmentally-sound Tailings Management Facility through Newspar, which it's a 50/50 joint venture with Arkema. The Company is also building a new deep-water marine terminal in the outer St. Lawrence Harbour for the export of fluorspar concentrate product.
For more information please see: www.canadafluorspar.com
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: Canada Fluorspar Inc.
For further information:
Lindsay Gorrill President and CEO
Canada Fluorspar Inc.