QUEBEC CITY, April 20, 2012 /CNW Telbec/ - Conway Resources Inc. ("Conway" or the "Corporation") (TSXV: CWY) is pleased to announce the closing of a non-brokered private placement of flow-through common shares and common shares totaling $185,000.
The Corporation closed a private placement of flow-through common shares and common shares consisting in the issuance of 3,330,000 flow-through common shares of Conway at a price of $0.05 per share for proceeds of $166,500, 370,000 common shares of Conway at a price of $0.05 per share for proceeds of $18,500 and 3,700,000 warrants. Each warrant entitles its holder to purchase one additional common share of the Corporation at a price of $0.10 for a 12-month period from closing of the private placement.
The proceeds from the private placement will be used for exploration work on the Corporation's Quebec properties and for working capital purposes. The common shares issued and the underlying common shares to be issued pursuant to the exercise of the warrants under the private placement are subject to a restricted period on resale of four months and one day.
The private placement is subject to regulatory approval.
About Conway Resources Inc.
Conway is a mining exploration corporation that owns four gold properties and one rare metals property in Quebec. Its main asset is the Belleterre Mine property. The property is the site of the old Belleterre mine, which produced over 800,000 ounces of gold between 1936 and 1959. A total of 2.18 million tonnes of ore at an average grade of 10.73 g/t Au were extracted from the mine, primarily from vein 12 (95% of production). Earlier reports indicate the presence of at least 21 veins on the property.
More information can be found on Conway's website at www.ressources-conway.com.
This press release contains certain forward-looking statements that might involve uncertainty, time frames, and/or known and unknown risks beyond the Corporation's control. The Corporation's actual results, performance and achievements may differ materially from the results, performance and achievements implied by such forward-looking statements.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
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