Conway Resources Inc.
TSX VENTURE : CWY

Conway Resources Inc.

July 07, 2010 18:14 ET

Conway Resources Announces $550,000 Private Placement

QUEBEC CITY, QUEBEC--(Marketwire - July 7, 2010) - Conway Resources Inc. ("Conway" or the "Company") (TSX VENTURE:CWY) is pleased to announce that it is negotiating a private placement of common and flow-through common shares for a maximum of $550,000 (the "Private Placement").

The private placement of common shares consists of a maximum of 4,000,000 units for proceeds of $200,000. Each unit consists of one common share of Conway at a price of $0.05 per share and one share purchase warrant. Each warrant will entitle its holder to subscribe for one additional common share of the Company at a price of $0.10 for a 12-month period following the closing date of the Private Placement.

The private placement of flow-through common shares consists of a maximum of 5,000,000 units for proceeds of $350,000. Each unit consists of one common share of Conway at a price of $0.07 per share and one share purchase warrant. Each warrant will entitle its holder to subscribe for one additional common share of the Company at a price of $0.10 for a 12-month period following the closing date of the Private Placement.

The Private Placement will be the object of a finder's fee for an amount corresponding to 10% of the total Private Placement. The net proceeds from this Private Placement will be used for working capital purposes. The shares issued and the underlying shares to be issued pursuant to the exercise of the warrants under the Private Placement are subject to a restricted period on resale of four months and one day.

Forward-Looking Statements

This press release contains certain forward-looking statements that might involve uncertainty, time frames, and/or known and unknown risks beyond the Company's control. The Company's actual results, performance and achievements may differ materially from the results, performance and achievements implied by such forward-looking statements. Factors that could cause actual results to differ from those implied by forward-looking statements include, in particular, changes in the market gold price, the value of the Canadian dollar or the grade of the ore mined and unanticipated difficulties in mining activities that could have an impact on operating revenues and costs, as well as uncertainty regarding government regulations. 

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

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