Continental Precious Minerals Inc.
NEX BOARD : CZQ.H

Continental Precious Minerals Inc.

October 03, 2005 16:42 ET

Continental Precious Minerals Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - Oct. 3, 2005) - Continental Precious Minerals Inc. (NEX BOARD:CZQ.H) (the "Company") announces that it has completed a private placement financing (as previously announced in the Company's press release dated September 7, 2005) under which it issued 2,000,000 units of the Company at a price of $0.55 per unit, raising aggregate gross proceeds of $1,100,000.

Each unit is comprised of one common share in the capital of the Company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of $0.80 until October 3, 2006.

Canaccord Capital Corporation acted as agent for the financing and received a cash commission of $88,000 and 320,000 broker warrants. Each broker warrant entitles Canaccord to acquire a common share at a price of $0.80 until October 3, 2006.

The securities issued under the offering are subject to a four month hold period, which expires on February 4, 2006.

The net proceeds of the offering are expected to be used to fund exploratory drilling on the Company's mineral exploration licenses in Northern Sweden.

The Company also announces the graduation of the Company's listing of its common shares from the NEX Board to Tier 2 of the TSX Venture Exchange, commencing at the opening of trading on October 5, 2005 under the Symbol "CZQ".

The Company also wishes to announce today the appointment of Mr. Rui Andrade as the Chief Financial Officer of the Company. In accordance with the policies of the TSX Venture Exchange, Mr. Andrade's appointment to Chief Financial Officer of the Company is subject to Exchange approval.

Note: This press release may contain forward-looking statements. The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements.

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