VANCOUVER, July 19, 2013 /CNW/ - Crimson Bioenergy Ltd. (TSX-V: CSN) is pleased to announce a non-brokered private placement for up to 3,333,333 common shares of the Company at a price of $0.03 per share to raise gross proceeds of up to $100,000. The Company intends to use the proceeds from the private placement to immediately repay $75,000 in current liabilities and the balance for general working capital purposes. Crimson's Board of Directors has approved this transaction.
This private placement is subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day.
Crimson Bioenergy Ltd.- has extensive management expertise in the areas of forest management, forest ecosystem restoration, energy crops and greenhouse gas offsets (carbon credits). Crimson is pursuing the development of longer-term wood fibre/carbon credit plantations that meet the terms of "afforestation" under forest carbon offset programs. It also is developing reforestation projects on under-utilized agricultural lands for the expanding biomass energy market that involve short rotation, high density hybrid poplar plantations, called 'energy crops', with 3-to-10 year growth cycles.
William W. Carr, President
FORWARD LOOKING STATEMENTS: This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward- looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may" ,"could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Crimson to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks relating to Crimson's ability to raise sufficient financing to fund its business plan, development and expansion activities, dependence on existing management, financial activities, domestic and global economic conditions, changes in federal or provincial income tax laws, and market competition factors.
Although Crimson has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Crimson does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Crimson Bioenergy Ltd.
For further information:
Crimson Bioenergy Ltd.
Suite 202 - 5752 176th Street
Surrey, BC V3S 4C8
Phone: (604) 574-3100