Conway Resources Inc.
TSX VENTURE : CWY

Conway Resources Inc.

July 30, 2009 12:06 ET

Conway Resources Completes First $145,000 Tranche of $450,000 Private Placement

QUEBEC CITY, QUEBEC--(Marketwire - July 30, 2009) - Conway Resources Inc. (TSX VENTURE:CWY) is pleased to announce that it is negotiating a private placement for a maximum of $450,000 for which it will issue 7,650,000 flow-through shares and 1,350,000 common shares at $0.05 per share. Each share will be accompanied by a full warrant. Each warrant will entitle its holder to subscribe for one additional common share of the Company at a price of $0.12 for a 24-month period following the closing date of the private placement.

The Company has already completed a first tranche of $145,000 and has issued 2,465,000 flow-through shares, 435,000 common shares and 2,900,000 warrants, in accordance with the terms outlined above, to qualified investors in the province of Quebec.

The proceeds from the private placement of flow-through shares is earmarked for the preparation of the bulk sampling phase of exploration on the Conway and Paquin veins at the Conway Paquin property in Guillet Township, Belleterre, Quebec. The proceeds from the private placement of common shares will be used for working capital purposes and payment of a 10% finder's fee related to this placement.

The private placement is subject to the approval of the TSX Venture Exchange.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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