Continental Precious Minerals Inc.
TSX VENTURE : CZQ

Continental Precious Minerals Inc.

November 14, 2006 10:28 ET

Continental Precious Minerals Announces Further Increase to Maximum Size of Equity Financing

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2006) -

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

Continental Precious Minerals Inc. (TSX VENTURE:CZQ) (the "Company" or "Continental") today announced that it has agreed to further increase the size of the option granted to the agents to increase the size of the offering first announced on October 4, 2006 by an additional 769,231 units. If the option to increase the size of the Private Placement is exercised in full, the Company would issue a total of 12,307,693 units at $1.30 per unit for gross proceeds of approximately $16 million. Each unit will consist of one common share of the Company and one-half of one warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $1.75 and will expire 24 months after the closing. As announced in earlier press releases, Max Capital Markets Ltd. will act as lead agent on a best efforts basis in the Private Placement.

The Private Placement is expected to close on or about November 21, 2006. Completion of the Private Placement is subject to certain conditions, including, but not limited to, satisfactory due diligence, the execution of an agency agreement, the execution of subscription agreements with the subscribers and the receipt of all necessary regulatory approvals. The securities issued will be subject to a 4 month hold period from the date of closing.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding a proposed private placement. Actual developments may differ materially from those contemplated by these statements depending upon, among other things, the ability of the agent to raise the funds and decisions made by regulators. The forward looking statements contained in this press release represent the Company's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date.

THIS PRESS RELEASE WAS PREPARED BY CONTINENTAL, WHICH ACCEPTS RESPONSIBILITY FOR ITS ACCURACY. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THE INFORMATION CONTAINED HEREIN.

Contact Information

  • Continental Precious Minerals Inc.
    Ed Godin
    President
    (416) 805-3036