Cash Minerals Ltd.

Cash Minerals Ltd.

July 03, 2008 11:08 ET

Cash Minerals Closes $2,000,000 Private Placement Financing

TORONTO, ONTARIO--(Marketwire - July 3, 2008) -


Cash Minerals Ltd. (TSX VENTURE:CHX) is pleased to announce that it has closed its previously announced non-brokered private placement offering of 5,600,000 Units at a price of $0.25 per Unit, each Unit consisting of one common share in the capital of the Corporation and one common share purchase warrant, each whole common share purchase warrant exercisable for $0.40 until July 2, 2010 (a "Warrant") and 3,400,000 Flow-Through Units at a price of $0.25 per Flow Through Unit, each Flow Through Unit consisting of one flow-through share in the capital of the Corporation and one Warrant.

The net proceeds from the Offering will be used to update the previous study completed on Division Mountain. The updated study will follow a pre-feasibility study format. In addition, proceeds will be used for working capital, and for general corporate purposes. The gross proceeds from the sale of the Flow Through Units will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act, (Canada)) and will be renounced for the 2008 taxation year.

In connection with the financing, placement fees in the aggregate amount of CAD 50,000 were paid representing 5% of a portion of the proceeds.

The financing remains subject to receipt of applicable regulatory approvals including final approval of the TSX Venture Exchange. All of the securities issued, including the shares issuable on exercise of the warrants, are subject to resale restrictions for a period of four months and one day from the closing date.

About Cash Minerals

Cash Minerals is a Canadian-based energy company focused on uranium and coal exploration. Under an agreement with joint venture partner Mega Uranium Ltd., Cash Minerals can maintain a 75% working interest in the highly prospective Igor property, located in the Wernecke Uranium District, Yukon, by completing a bankable feasibility study on the Igor property by December 31, 2012. Wernecke Uranium properties include numerous iron-oxide copper-gold-uranium (IOCG-U) and structurally-controlled hydrothermal uranium targets. The Company also holds a measured resource of 52.5 million tonnes of high Volatile "B" Bituminous coal (refer to NI 43-101 report dated December 21, 2005). This resource is located on a portion of the Division Mountain property, which occupies less than five percent of Cash Minerals' total coal leases in the Yukon.

Forward-Looking Statement

Cautionary Note Regarding Forward-Looking Information This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, the terms of the acquisition, the financing and projected use of proceeds, exploration prospects, requirements for additional capital and regulatory approvals. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: financing not being available at desired prices; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; competition; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.


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