From the Wires
Creso Exploration Final Closing of Non-Brokered Private Placement
By: Marketwired .
Jan. 8, 2013 04:19 PM
MONTREAL, QUEBEC -- (Marketwire) -- 01/08/13 -- Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT)(FRANKFURT:C3X) announces the closing of the last tranche the previously announced non-brokered private placement (the "Placement"). This last tranche consisted of 600,000 "flow-through" units (each, a "FT Unit") issued for total gross proceeds of $30,000. Pursuant to the Placement, Creso issued an aggregate of 4,000,000 FT Units and 8,400,000 units (each, a "Unit"). Each of the FT Units and Units was issued at a price of $0.05 for aggregate gross proceeds of $620,000. Each FT Unit is comprised of one common share of the Corporation issued on a flow-through basis and one-half of a common share purchase warrant of the Corporation (each whole common share purchase warrant, a "Warrant"). Each Unit is comprised of one common share of the Corporation (a "Unit Share") and one Warrant. Each Warrant entitles its holder to subscribe for one additional common share at an exercise price of $0.10 during a 24-month period following closing. All securities issued pursuant to the Private Placement have a four-month hold period as follows: until May 1, 2013 for 600 000 FT Unit and April 22, 2013 for 3,400,000 FT Units and 8,400,000 Units. The Private Placement is subject to receipt of the final approval of the TSX Venture Exchange.
The proceeds of the Private Placement will be used to finance the exploration program of the Corporation and its working capital.
The Corporation's principal mining exploration holdings are located in the Shining Tree mining camp of Northern Ontario within 100 km of the Timmins and Kirkland Lake mining camps.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward- looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: results of exploration activities, general market and industry conditions, and other risks disclosed in the Corporation's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Corporation may at any point modify its work program.
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.
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