MONTREAL, QUEBEC--(Marketwire - Nov. 10, 2011) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT) (OTCQX:CRXEF) (FRANKFURT:C3X) has issued 7,750,000 common shares (each, a "Common Share") at $0.12 per Common Share for total consideration of $930,000 pursuant to non-brokered private placements. All securities issued pursuant to the private placements have a hold period of four months from the date of closing. As finders' fees, Creso paid in cash 10% of gross proceeds and granted 387,500 options that entitle the holder to purchase one Common Share of the Corporation at a price of $0.12 at any time until November 9, 2012.
The net proceeds of the private placements will be used to finance the exploration work on the Shining Tree properties and for working capital purposes.
The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
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 Lake mining camps, and additional interests are held in base metal properties in Guatemala.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward- looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: results of exploration activities, general market and industry conditions, and other risks disclosed in the Corporation's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Corporation may at any point modify the work program for 2011.
Neither 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.
Contact Information:
(613) 220-0569
(613) 882-7295
info@creso.ca
www.creso.ca