TORONTO, Jan. 5, 2015 /CNW/ - CWN Mining Acquisition Corporation ("CWN") (TSXV: CWN.P) is pleased to announce it has completed its previously announced acquisition of an option to acquire a 100% undivided interest in certain mining claims situated in the Whitehorse Mining District, Yukon, Canada, generally and collectively known as the "TOP Project" from YES Exploration Syndicate Inc ("YES Exploration"), net of a 2% royalty reserved for YES Exploration (the "Transaction"). The Transaction constitutes CWN's Qualifying Transaction as defined under TSXV Policy 2.4 – Capital Pool Companies.
CWN is also pleased to announce it has completed its concurrent non-brokered private placement consisting of 8,000,000 common shares (the "Shares") at a purchase price of $0.50 for gross proceeds of $4,000,000 (the "Private Placement"). All Shares issued pursuant to the Private Placement will be subject to a statutory hold period in accordance with applicable securities legislation.
CWN is a mineral exploration company incorporated under the Canada Business Corporations Act with its head office in Vancouver, British Columbia. The business of CWN is to further explore the TOP Project property with the objective of confirming and expanding the extent of mineralization on the property. CWN expects the common shares of the company will commence trading on Tier 2 of the TSXV under the symbol "CWN" effective January 6, 2015.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CWN Mining Acquisition Corporation
For further information: Terry Wong, Chief Financial Officer at (778) 998-9168.