KIRKLAND LAKE, ON, June 3, 2011 /CNW/ - Mistango River Resources Inc. (CNSX: MIS) ("Mistango" or the "Corporation") reports that it has closed its previously announced private placement
pursuant to which it has issued 2,200,000 units of securities issued on
a "flow-through" basis at a price of $0.25 per unit (each, a "Unit") for gross proceeds of $550,000 by way of a non-brokered private
placement (the "Offering"). Each Unit comprises one Class A voting common share of the
Corporation and one half of one Class A voting common share purchase
warrant of the Corporation (each whole warrant, a "Warrant"), with each Warrant being exercisable to acquire one Class A voting
common share (each, a "Warrant Share") at an exercise price of $0.35 per Warrant Share for a period of
twelve months after the Closing Date, and at an exercise price of $0.45
per Warrant Share for the next ensuing twelve months. All securities
issued in this Offering are subject to a statutory four (4) month hold
period expiring on October 4, 2011.
The gross proceeds from the Units will be used for eligible flow-through
exploration expenses on Mistango's Omega property in Ontario and will
be renounced for the 2011 taxation year.
Mistango is a Canadian-based junior mining and exploration company
focused on existing projects in Ontario and Quebec. For additional
information about Mistango and its mining properties, please visit
Mistango's regulatory filings at www.sedar.com or at www.cnsx.ca.
This news release contains certain "forward-looking information". All
statements, other than statements of historical fact, that address
activities, events or developments that Mistango believes, expects or
anticipates will or may occur in the future including, without
limitation, statements relating to Mistango's anticipated use of the
proceeds raised in the Offering, are forward-looking statements. These
forward-looking statements reflect the current expectations or beliefs
of Mistango based on information currently available to Mistango.
Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the
actual results of Mistango to differ materially from those discussed in
the forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that they
will have the expected consequences to, or effects on Mistango. Factors
that would cause actual results or events to differ materially from
current expectations include, but are not limited to, general business
and economic uncertainties, future mineral prices and adverse market
conditions as well as the inability of Mistango to use and spend the
proceeds of the Offering as contemplated herein.
Any forward-looking statement speaks only as at the date on which it is
made and, except as may be required by applicable securities laws,
Mistango disclaims any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Although Mistango believes that the assumptions inherent in
the forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the inherent
SOURCE Mistango River Resources Inc.
For further information:
Robert J. Kasner, President and CEO
Telephone: 1 705 567 5351