TORONTO, April 27 /CNW/ - Coniagas Resources Limited ("Coniagas" or the
"Company") (TSX-V: "CNY") is pleased to announce that it has arranged a
non-brokered private placement of a maximum of 3,000,000 Units ("Units") at a
price of $0.40 per Unit for gross proceeds of up to a maximum of $1,200,000.
Each Unit consists of one common share and one-half of a 2 year common share
purchase warrant. Each whole warrant entitles the holder to purchase one
common share for $0.50 in the first year following Closing and for $0.60 in
the second year following Closing after which they expire. The placement is
subject to regulatory approval and is expected to close on or before May 10,
2007. All subscribers will be accredited investors and at arms length to
Coniagas. The common shares and warrants will be subject to a hold period of
four months from Closing.
In connection with this placement Coniagas has agreed to issue up to
150,000 compensation warrants (5% of the number of Units sold) to certain
persons by way of finder's fees. Each compensation warrant entitles the holder
to purchase one Unit at $0.40 for a period of 2 years from Closing.
Proceeds from the private placement will be used for technical
evaluations of possible acquisitions of mineral exploration projects and for
general corporate purposes.
Coniagas is also pleased to announce that at a meeting of the Board of
Directors held on April 26, 2007, the Board appointed Mr. Christopher Irwin as
a director to fill the vacancy created by the death of Mr. Samuel Hughes. Mr.
Irwin is a lawyer in private practise since 1996 and has extensive experience
with publicly traded mineral exploration companies.
Mr. Irwin will hold office for the remainder of Mr. Hughes term of office
which expires immediately prior to the annual meeting of shareholders in 2008.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of
For further information:
For further information: G. Warren Armstrong, President & CEO, (416)
597-0969, Email: email@example.com