Centram Exploration Ltd.

April 18, 2007 17:31 ET

Centram Closes $5 Million Private Placement in Escrow

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 18, 2007) - Centram Exploration Ltd. ("Centram") (NEX:CNA.H) is pleased to announce that it has closed, in escrow, the previously announced non-brokered $5 million private placement (please see Centram's news release of February 26, 2007).

The private placement consisted of 12,500,000 units of Centram at a price of forty cents ($0.40) each. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each full warrant entitles the holder to acquire a common share of Centram at an exercise price of sixty cents ($0.60) for a period of two years from closing. The proceeds of the private placement, together with the common shares and warrants, are being held in escrow, and release is conditional upon Centram graduating to Tier 2 of the TSX Venture Exchange. After TSXV graduation, the warrants are subject to forced conversion if the common shares of Centram close at $1.00 or more for twenty consecutive trading days. Closing of the private placement and release from escrow remains subject to regulatory approval.

Following release from escrow, proceeds will be used to fund the Company's initial obligations covered by the Company's Joint Venture with Crossland Uranium Mines Ltd. ("Crossland") regarding three uranium properties, being Chilling Project, Charley Creek Project and Kalabity Project, to acquire prospective uranium properties outside Australia pursuant to the Joint Venture and to provide working capital.

Cautionary Language and Forward-Looking Statements

This press release may contain "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian securities authorities.

Shares Outstanding: 28,315,562

NEX/TSXV have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Centram Exploration Ltd.
    Richard Mark
    (604) 986-2020
    (604) 986-2021 (FAX)