QUEBEC, Oct. 11, 2013 /CNW Telbec/ - Conway Resources Inc. ("Conway" or the "Society") (TSXV: CWY) announces that it completed on june,17th 2013 a private placement of loan in the amount of $ 500,000 with term on June 17th, 2015, and carries an annual interest rate of payable 11% monthly. This loan will be secured by mining concessions CM-315 and CM-395. This loan is not convertible. The lender with compromised without link of dependence with the Society. This loan includes a bonus of subscription of 10% of the financing. The lender received as bonus of subscription 1,000,000 of shares with retention of 4 months.
The loan net proceeds will be used for working capital of the Company.
Mr. Laurent Beaudoin, President and Chief Executive Officer of Conway, said: "The purpose of this loan is to stop the dilution of the Company and to continue the business plan undertaken by the Company".
The issuance of this loan is subject to the approval of the relevant regulatory authorities.
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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