QUEBEC CITY, Dec. 6, 2012 /CNW Telbec/ - Conway Resources Inc. ("Conway" or the "Company") (TSXV: CWY) is pleased to announce that it has closed a $35,000 non-brokered private placement of common flow-through shares and common shares.
The private placement resulted in the issuance of 630,000 common flow-through shares of Conway at $0.05 per share for a total of $31,500, 70,000 common shares of Conway priced at $0.05 per share for a total of $3,500 and 700,000 warrants, with each warrant entitling its holder to purchase an addition common share of the Company for $0.10 during a 12-month period following the closing of the private placement.
The proceeds of the private placement will be used for drilling on Vein 18 in preparation for one or more bulk samples to be taken in 2013 on the Belleterre mining concession in Témiscamingue, Québec. This drilling will also save the Company money on the next major drilling program, planned for the spring of 2013.
The common shares issued under the private placement and the underlying common shares issuable on exercise of the warrants are subject to a resale restriction period of four months plus a day.
The private placement is also 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.
SOURCE: CONWAY RESOURCES INC.
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