VANCOUVER, Nov. 20, 2013 /CNW/ - Curis Resources Ltd. ("Curis" or the "Company") (TSX: CUV) announces that it has arranged a C$7 million non-brokered private placement financing, pursuant to which Curis will issue 11,666,667 common shares in the capital of Curis ("Shares") at a price of C$0.60 per Share, to existing shareholder Taseko Mines Limited ("Taseko"). Taseko will then own 17% of Curis' outstanding shares and also retains information rights and a pro rata right to participate in future financings subject to customary exceptions.
"This investment represents strong support and confidence by a major Canadian mining company in the management and future prospects of Curis, and our flagship Florence Copper project. Taseko is a long term committed shareholder that will bring financial and technical strength to the Curis team. The funding will allow Curis to advance Florence Copper through the final stage of project permitting for our first phase of project development and also support the ongoing development of the Company," stated Michael McPhie, President and CEO of Curis.
Proceeds from the private placement will be used to advance the development of Curis' in-situ copper recovery project in Florence, Arizona. The private placement is subject to the approval of the Toronto Stock Exchange and is targeted to complete in two tranches by January 2, 2014.
Curis Resources Ltd. is a mineral development company associated with Hunter Dickinson Inc., a diversified global mining company with a 25-year history of mineral development success. Curis is focused on the acquisition, development, operation and monetization of high-quality next-generation copper properties in progressive jurisdictions around the world. It is currently focused on advancing its 100% owned Florence Copper Project in Arizona, USA to near-term production.
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Taseko Mines Limited is a Canadian-based mining company led by experienced, disciplined and operations-focused mining industry leaders. Its key asset, the Gibraltar Copper-Molybdenum Mine, is located in central British Columbia. The mine, which has been in operation since 1972, has recently undergone a $700 million upgrade and expansion and is now the 2nd largest open pit copper-molybdenum mine in Canada, employing approximately 650 employees. Taseko is dedicated to responsible growth to maximize benefits for its employees, local communities and shareholders. Taseko is committed to providing local jobs, supplier opportunities, training programs and community sponsorships, as well as responsible stewardship of the natural environment.
President and CEO
No regulatory authority has approved or disapproved of the information contained in this news release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary environmental, land use and other permits, approvals, licenses and title on a timely basis and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, the final outcome of any lawsuits, the continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
SOURCE: Curis Resources Ltd.
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