Crown Minerals Inc.

May 05, 2010 17:12 ET

Crown Minerals Proposed $500,000 Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - May 5, 2010) - Crown Minerals Inc. ("Crown" or the "Company") (TSX VENTURE:CWM) announces a proposed non-brokered private placement for aggregate gross proceeds of up to $500,000 comprised of up to 5,000,000 units at a price of $0.10 per unit (each such unit being comprised of one common share and one half warrant) or 4,166,667 flow-through units at a price of $0.12 per flow-through unit (each such flow-through unit being comprised of one flow-through share and one half warrant) or any combination of the foregoing (the "Offering"). Each whole warrant will entitle the holder to purchase one common share for $0.25 at any time within 18 months after closing. All securities issued pursuant to this private placement will be subject to a four (4) month hold period. Completion of the private placement is subject to receipt of all required regulatory and other approvals. The Company reserves the right to increase or decrease the size of the Offering. 

The gross proceeds from the Offering will be used to fund exploration programs and operating costs including those in connection with the Company's recently acquired gold exploration property on Mackenzie Isle near Red Lake, Ontario.

This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The flow-through common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

This news release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "anticipates", "expects", "expected to", "plans", "planned", "proposed" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at Investors are cautioned not to place undue reliance upon forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or contents of this news release.

Contact Information

  • Crown Minerals Inc.
    Mr. Stephen Dunn
    President and a Director
    By Mail
    Crown Minerals Inc.
    141 Adelaide Street West, Suite 1000
    Toronto, Ontario
    M5H 3L5