Cue Resources Ltd.
TSX VENTURE : CUE

Cue Resources Ltd.

July 31, 2008 19:27 ET

Cue Resources Ltd. Closes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2008) - On June 24, 2008 Cue Resources Ltd. ("Cue") (TSX VENTURE:CUE) announced a non brokered private placement of up to 5,000,000 Units at a price of $0.40 per Unit.

Cue is pleased to announce that the placement has closed. As a result of the placement, Cue realized gross proceeds of $1,775,634.

Each placed unit consists of one common share and one half of one common share purchase warrant with each whole warrant providing the holder with the right to purchase one additional common share of Cue at a price of $0.60 for a period of one year following the issuance of the units.

As compensation for the placement of the Units, finders fees of $62,293 and 50,225 units were paid. The compensation Units have the same features as the units sold in the Private Placement.

All Units and the securities issued under the placement to private placees or the Finders were issued subject to a hold period expiring on November 23, 2008.

CUE RESOURCES LTD.

John Icke, Director

"Completion of the qualifying transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative."

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Cue Resources Ltd.
    John Icke
    Director
    (604) 681-5755
    (604) 684-2990 (FAX)