VANCOUVER, Sept. 23 /CNW/ - Continent Resources Inc. (CNQ: CORE) (the
"Company" or "Continent") wishes to announce that it has closed its previously
announced non-brokered private placement for gross proceeds of $2,084,500 (the
"Private Placement"). The Company intends to use proceeds from the Private
Placement to carry out geological, geochemical and geophysical studies on the
Lone Mountain and Twin Peaks properties, the initial phase of drilling on the
Lone Mountain property and for general working capital.
"Raising over $2 million in today's challenging market is a testament to
the Continent geo team and to our extraordinary copper properties. We will
have a drill in the ground by the end of October and anticipate results by
year-end," comments CEO Robert Bick.
The Private Placement consisted of the issuance of 8,338,000 units
("Units") at a price of $0.25 per Unit. Each Unit consisted of one common
share ("Share") and one Share purchase warrant. Each warrant entitles the
holder thereof to purchase one additional Share at an exercise price of $0.35
each until September 19, 2010.
The Company paid six finders aggregate finders' fees of $174,525 and
The securities issued under the Private Placement are subject to a four
month hold period which will expire on January 19, 2009.
About Continent Resources Inc.
Continent Resources Inc. is a mineral exploration company focusing on the
discovery of copper resources in copper-rich districts in Arizona and New
Mexico. The Company intends to maintain this commodity and geographic focus.
In addition to the high-quality portfolio that the Company recently acquired
through its involvement with Southwest Exploration Group, LLC, the Company
continues to seek out advanced copper exploration opportunities.
PLEASE NOTE: EFFECTIVE SEPTEMBER 26, 2008, THE NEW CONTINENT SYMBOL IS
On behalf of Continent Resources Inc.
President, CEO & Director
FORWARD LOOKING STATEMENTS: This document includes forward-looking
statements as well as historical information. Forward-looking statements
include, but are not limited to, the continued advancement of the Company's
general business development, research development and the Company's
development of mineral exploration projects. When used in this document, the
words "anticipate", "believe", "estimate", "expect", "intent", "may",
"project", "plan", "should" and similar expressions may identify
forward-looking statements. Although Continent Resources Inc. believes that
their expectations reflected in these forward looking statements are
reasonable, such statements involve risks and uncertainties and no assurance
can be given that actual results will be consistent with these forward-looking
statement. Important factors that could cause actual results to differ from
these forward-looking statements include the potential that fluctuations in
the marketplace for the sale of minerals, the inability to implement corporate
strategies, the ability to obtain financing and other risks disclosed in our
filings made with the Canadian Securities Regulations.
The CNQ does not accept responsibility for the adequacy or accuracy of
For further information:
For further information: Continent Resources Inc., Robert Bick, CEO,
firstname.lastname@example.org, (604) 639-0430