Anconia Resources Corp.
TSX VENTURE : ARA

Anconia Resources Corp.

February 19, 2015 17:43 ET

Anconia Announces Private Placement

TORONTO, ONTARIO--(Marketwired - Feb. 19, 2015) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia") is pleased to announce that it is undertaking a non-brokered private placement offering (the "Offering") to raise gross proceeds of up to $400,000. It has applied for and received conditional approval from the TSX Venture Exchange (the "TSXV") for a waiver from the $0.05 minimum price requirement. Under the terms of the proposed Offering, Anconia would issue up to 20,000,000 units ("Units"). The Units would be issued at $0.02 per Unit. Any securities issued under the Offering would be subject to a statutory hold period for four months and one day from the date of issuance.

Each Unit consists of one common share of Anconia and one common share purchase warrant (a "Unit Warrant"). Each Unit Warrant entitles the holder to purchase one common share of Anconia at a price of $0.05 per share for a period of 36 months following the date of issuance.

The aggregate proceeds raised under the Offering will be used for working capital purposes and for further exploration work on Anconia's Grenfell property. Specifically, of the first $200,000 raised, which would primarily be used for working capital for the next six months, no more than 15% would be paid by way of fees or salary to management. No other payments would be made to related parties from this amount. Any additional proceeds will be used primarily for further exploration on Anconia's Grenfell property and if gross proceeds of more than $200,000 are raised, Anconia may use up to 20% of the gross proceeds for fees or salary to management.

Anconia may pay commissions of up to 8% in cash and 8% compensation warrants in connection with the offering. Each compensation warrant will entitle the holder to purchase a unit comprised of 1 common share at an exercise price of $0.05 per compensation warrant and be exercisable for 36 months.

Closing of the Offering is subject to receipt by Anconia of final acceptance from the TSXV.

About Anconia

Anconia is a base and precious metals exploration and development company, which is focused on providing shareholder value through the advancement of its properties in its portfolio. Anconia is undertaking comprehensive exploration programs to determine the potential of its current projects.

Forward-Looking Information

This news release contains forward looking statements and information under applicable securities laws, including with respect to the anticipated use of the proceeds of the Offering and the completion of a second tranche and the timing related thereto. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management of Anconia in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to: the speculative nature of mineral exploration and development, including the uncertainty of mineral reserve and resource estimates; uncertainties relating to the availability and costs of financing needed to complete exploration activities; exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which Anconia has an interest; unexpected geological or hydrological conditions; operational and technical difficulties; fluctuations in commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of Anconia; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; as well as other risks and uncertainties which are more fully described in Anconia's annual and quarterly Management's Discussion and Analysis and in other filings made by Anconia with Canadian securities regulatory authorities and available at www.sedar.com.

Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, Anconia disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Anconia believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Neither the 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.

Contact Information

  • Anconia Resources Corp.
    Jason Brewster
    President and CEO
    416-815-9777