VANCOUVER, Feb. 19, 2013 /CNW/ - Cliffmont Resources Ltd. (TSX-V - CMO) (the "Company") is pleased to announce a non-brokered private placement of up to 3,500,000 units at $0.35 per unit for gross proceeds of $1,225,000. Each unit will consist of a share and one-half of a transferable common share purchase warrant. Each whole warrant will have an exercise price of $0.50 and be exercisable 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 will pay finders' fees on a portion of the financing. The securities will be subject to a hold period of four months from date of closing.
The net proceeds from this private placement will be used for the continued exploration of the San Luis Project and for general working capital purposes.
The proposed financing is subject to the approval of the TSX Venture Exchange.
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.
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