Crown Minerals Inc.
TSX VENTURE : CWM

April 05, 2010 11:51 ET

Crown Closes Shares for Debt Placement

TORONTO, ONTARIO--(Marketwire - April 5, 2010) -

Attention Business Editors:

Crown Minerals Inc. (TSX VENTURE:CWM) (the "Corporation") is pleased to announce it received TSX Venture Exchange ("TSXV") acceptance on March 31, 2010 to complete the previously announced non-brokered shares for debt placement to issue up to 180,000 common shares ("Common Shares") at a price of $0.16 per share (the "Offering"). The issuance of the Common Shares is being completed pursuant to agreements made by the Corporation with consultants of the Corporation (collectively, the "Debt Settlement Agreements"). No bonus, finder's fee or commission is being paid in connection with the Debt Settlement Agreements.

Pursuant to the Debt Settlement Agreements, the Corporation immediately issues 180,000 Common Shares at a share price of $0.16 per Common Share, in order to settle $28,800 of debt owing by the Corporation to the consultants as of March 15, 2010. The Corporation will use the proceeds pursuant to the Debt Settlement Agreements to reduce accounts payable and to improve its working capital position. All securities issued pursuant to the Debt Settlement Agreements are subject to a four (4) month hold period that will expire on August 1, 2010.

Prior to the issuance of the Common Shares under the above-noted Debt Settlement Agreements, the Corporation had 33,594,966 Common Shares outstanding. Upon the issuance of the Common Shares contemplated by the Debt Settlement Agreements, the Corporation will have 33,774,966 Common Shares outstanding.

Crown is exploring for gold and base metals in both Ontario and Nevada. For more information please see the Crown website at www.crownmin.com.

This release was prepared by management of the Company who take full responsibility for its contents. The TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Crown Minerals Inc.
    Mr. Stephen Dunn
    President and CEO
    (416) 822-3343