Conway Resources Completes First $175,000 Tranche of a $550,000 Private Placement
05 August 2010 - 8:39PM
Marketwired
Conway Resources Inc. ("Conway" or the "Company") (TSX VENTURE:
CWY) is pleased to announce that it has completed a first $175,000
tranche of its private placement announced on July 7, 2010 (the
"Private Placement"). In consideration, the Company has issued
1,714,286 flow-through common shares for $120,000, 1,100,000 common
shares for $55,000 and 2,814,286 share purchase warrants. Each
warrant entitles its holder to subscribe for one additional common
share of the Company at a price of $0.10 per share for a 12-month
period following the closing date of the Private Placement.
The Company will use the proceeds from the private placement of
flow-through shares towards the exploration of its properties in
Quebec and for the finalization of the Conway and Paquin veins bulk
sampling. The net proceeds from the private placement of common
shares will be used for working capital purposes.
The shares issued and the underlying shares to be issued
pursuant to the exercise of the warrants under the Private
Placement are subject to a restricted period on resale of four
months and one day.
This Private Placement is subject to regulatory approval.
Forward-Looking Statements
This press release contains certain forward-looking statements
that might involve uncertainty, time frames, and/or known and
unknown risks beyond the Company's control. The Company's actual
results, performance and achievements may differ materially from
the results, performance and achievements implied by such
forward-looking statements. Factors that could cause actual results
to differ from those implied by forward-looking statements include,
in particular, changes in the market gold price, the value of the
Canadian dollar or the grade of the ore mined and unanticipated
difficulties in mining activities that could have an impact on
operating revenues and costs, as well as uncertainty regarding
government regulations.
Neither TSX Venture Exchange Inc. nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange Inc.) accepts responsibility for the adequacy or
accuracy of this press release.
Contacts: Conway Resources Inc. Laurent Beaudoin President and
Chief Executive Officer 418-871-3334 conway@ressources-conway.com
www.ressources-conway.com Francois Kalos Director 450-993-0828
kalos@solak.ca
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