TORONTO, ONTARIO--(Marketwire - May 30, 2012) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") announces that it will not be closing a third and final tranche of its previously announced non-brokered private placement financing of units and flow-through units (see the Company's press release dated February 14, 2012). Under the first two tranches which closed on March 19 and April 27, 2012, respectively, Anconia raised aggregate gross proceeds of approximately $1.63 million through the issuance of units at $0.20 per unit (common share + 1/2 warrant) and flow-through units at $0.23 per flow-through unit (flow-through common share + 1/2 warrant).
The aggregate gross proceeds raised under the Offering will be used, among other things, to conduct a comprehensive exploration program of three properties owned by the Company in the Nunavut Territory, Canada and for working capital purposes. The Company may also use a portion of the proceeds raised to acquire new properties or expand existing land claims in its portfolio. Proceeds from the sale of the Flow-Through Units will be used for Canadian Exploration Expenses on the Company's properties.
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 the Nunavut Territory and Ontario, Canada. Anconia is undertaking a comprehensive exploration program to determine the potential of the projects currently in its portfolio.
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:
Jason Brewster
President and CEO
416-815-9777