TORONTO, ONTARIO--(Marketwired - May 14, 2014) - Continental Precious Minerals Inc. (TSX:CZQ) ("Continental" or the "Company") is pleased to announce that it has completed a non-brokered flow-through financing for aggregate gross proceeds to the Company of $786,983 (the "Offering"). The Company issued 2,248,522 flow-through shares at an issue price of $0.35 per share.
The gross proceeds of the Offering are intended to be used by the Company to incur Canadian exploration expenses ("Qualifying Expenditures") prior to December 31, 2015 on the DOK copper-gold porphyry property located approximately 40 kilometres southwest of Telegraph Creek, in northwest British Columbia, Canada, which was recently optioned by the Company from Boxxer Gold Corp. ("Boxxer"). The Company will renounce the Qualifying Expenditures to subscribers of the Flow-Through Shares for the fiscal year ended December 31, 2014.
In connection with the completion of the Offering, the Company paid finder's fees totalling $49,358.65 and issued 115,124 compensation options, with each compensation option exercisable into a common share of the Company at an exercise price of $0.37 per share for a period of two years.
All securities issued pursuant to the Offering are subject to a statutory four-month hold period in accordance with Canadian securities legislation.
Caution Regarding Forward-looking Statements
This press release contains "forward-looking information" under Canadian securities law. All statements that are not historical facts are forward-looking statements, including, but not limited to, statements as to the exercise of the option under the option agreement with Boxxer. There is no assurance that Continental will maintain and exercise the option as proposed. Forward-looking information involves inherent known and unknown risks, uncertainties and assumptions that could cause actual results and future events to differ materially from those anticipated by such statements, including, among others, economic and regulatory changes, exploration of the property not being economically viable, delays in receiving permits, accidents and delays in completing exploration activities, as well as those risks disclosed under the heading "Risk Factors" and elsewhere in Continental's documents filed from time to time with the regulatory authorities and available on www.sedar.com, not all of which are in the control of Continental. The forward-looking information contained herein is made as of the date hereof. Other than as specifically required by law, we undertake no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements.