Creso Exploration Inc.

Creso Exploration Inc.

October 08, 2010 16:09 ET

Creso Exploration Closes $3.44 Million Private Placement Financing

MONTREAL, CANADA--(Marketwire - Oct. 8, 2010) - Creso Exploration Inc. (TSX VENTURE:CXT) (FRANKFURT:C3X) ("Creso" or the "Company") announces the closing today of a non-brokered private placement (the "Private Placement") of 3,822,222 units of securities (each a "Unit") of the Company at $0.90 per Unit for gross proceeds of $3,440,000. Each Unit is comprised of one common share of Creso (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable at a price of $1.25 to acquire one Common Share for a period of 2 years from the date of the issuance. The Company shall have the right to require the exercise of the Warrants in the event that the closing price of the Common Share on the TSX-V or on such other Canadian stock exchange is at least $2.00 during a period of 20 consecutive days. The securities issued are subject to a hold period of four months ending February 9, 2011. Finders' fees of 8% of gross proceeds were paid in cash.

The net proceeds of the Private Placement will be used to finance the exploration work on the Shining Tree properties and for working capital purposes.

About Creso

The Corporation's principal mining exploration holdings are located in the Shining Tree mining camp of Northern Ontario within 100 km of the Timmins and Kirkland mining camps, and additional interests are held in base metal properties in Guatemala. 

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

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