TORONTO, June 11 /CNW/ - Coniagas Resources Limited (the "Company")
(TSX-V: CNY) is pleased to announce it has closed the final $1.045 million of
its total $4.125 million private placement financing (the "Offering"). An
additional 2,090,000 units (the "Units") of the Company were issued at a price
of $0.50 per Unit. Each Unit is comprised of one common share and one warrant,
with each warrant exercisable into a common share for a period of one year at
an exercise price of $0.75.
In connection with the Offering, the Company paid a finder's fee of
$62,700 and issued an aggregate of 146,300 warrants, each of which is
exercisable to purchase one common share of the Company at a price of $0.75
per share for a period of one year.
The proceeds of the Offering will be used for exploration work on the
Company's mineral properties and for general working capital. The proceeds
raised from the sale of the flow-though units that were issued on June 1, 2009
will be used for Canadian Exploration Expenses (within the meaning of the
Income Tax Act (Canada)) related to the exploration programs of the Company.
The securities issued pursuant to the Offering are subject to a hold
period that will expire on October 11, 2009. The Offering remains subject to
the final approval of the TSX Venture Exchange.
Neither the 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.
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming work
programs, geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address future
events and conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently anticipated in such
For further information:
For further information: Maurice Colson, (416) 597-0969, Email: