Conway Resources Inc.
TSX VENTURE : CWY

Conway Resources Inc.

March 05, 2010 17:00 ET

Conway Resources Completes Private Placement and Announces Grant of Stock Options

QUEBEC CITY, QUEBEC--(Marketwire - March 5, 2010) - Conway Resources Inc. (TSX VENTURE:CWY) is pleased to announce that it has completed a private placement for a total of $125,000 for which it has issued 2,125,000 flow-through shares at $0.05 per share and 375,000 common shares at $0.05 per share. Each share is accompanied by a full warrant. Each warrant entitles its holder to subscribe for one additional common share of the Company at a price of $0.10 for a 12-month period following the closing date of the private placement.

The proceeds from the private placement of flow-through shares will be used for exploration of the Company's mining properties in Quebec. The proceeds from the private placement of common shares will be used for working capital purposes and payment of a 10% finder's fee related to this placement. The shares issued pursuant to the private placement are subject to a four-month hold period.

The Company modified the exercise price of its previous grant of 1,100,000 stock options to directors and officers announced on February 24, 2010, from $0.05 per share to $0.10 per share to comply with TSX Venture policies. The Company also granted today 535,000 additional stock options at an exercise price of $0.10 per share to directors, officers and consultants under the Company's stock option plan. The stock options must be exercised no later than five years after the date of the grant.

The private placement and the grant of stock options are subject to the approval of the TSX Venture Exchange.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information