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
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
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.
For further information:
Conway Resources Inc.
President and Chief Executive Officer