VANCOUVER, July 25 /CNW Telbec/ - Continuum Resources Ltd (TSXV:CNU) is
pleased to announce that it has closed the first tranche of its private
placement of secured convertible debentures (the "Debentures"), as previously
announced May 29, 2008, in the amount of $265,000. The Debentures have a
two-year term and bear interest at 6% per annum, compounded monthly. The
Debentures are convertible into common shares of Continuum at a price of
$0.10 per share. Insiders and employees of Continuum subscribed for a total of
$190,000 worth of Debentures. Continuum issued a total of 106,000 common
shares as a fee in connection with the advance of the Debenture proceeds.
The TSX Venture Exchange has granted conditional approval to this
financing, however, closing of this and all remaining tranches remains subject
which remains subject to final Exchange approval. The Debentures and common
shares issued are subject to a four-month hold period expiring November 24,
Proceeds of this financing will be used to continue the Company's
proposed work programs and for general working capital.
Continuum is currently exploring 7 separate gold-silver projects in the
state of Oaxaca, comprising approximately 125,000 hectares. Continuum is also
a 24% joint venture partner with Fortuna Silver Mines Inc. (TSXV: FVI) on the
San Jose silver project, on which drilling continues to expand on the resource
estimate previously announced by the Company on March 12, 2007.
On behalf of the Board of Continuum Resources Ltd.
"Warren M. McIntyre"
Warren M. McIntyre, Corporate Secretary and Director
For further information:
For further information: Investor Relations: (604) 629-0000,