Crown Point Ventures Ltd. Announces Closing of $13 Million Bought Deal Equity Financing

CALGARY, ALBERTA--(Marketwire - Dec. 15, 2011) -

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Crown Point Ventures Ltd. ("Crown Point" or the "Corporation") (TSX VENTURE:CWV) is pleased to announce that it has closed its previously announced bought deal equity financing through a syndicate of underwriters led by Casimir Capital Ltd. and including Canaccord Genuity Corp. and Cormark Securities Inc. (the "Offering"). In total 13,774,900 common shares of the Corporation were sold pursuant to the Offering at a price of $0.95 per common share for aggregate gross proceeds of $13,086,155.

The net proceeds of the Offering will be used to fund the Corporation's capital expenditure program and for other general corporate purposes.

Crown Point Ventures Ltd. is an oil and gas exploration and development company focused on building sizeable production and reserves in Argentina. The Company's exploration and development activities are currently focused in the Golfo San Jorge and Neuquén basins in Argentina.

FORWARD LOOKING INFORMATION

This press release contains forward looking statements and information within the meaning of applicable securities laws including with respect to the intended uses of the proceeds of the Offering. The usage of words such as "if", "would", "will", "expected" and similar expressions are intended to identify forward looking statements or information. These forward looking statements are subject to numerous risks and uncertainties that may be beyond Crown Point's control. As such, although Crown Point believes such forward looking statements are reasonable, undue reliance should not be placed on the forward looking statements and information, as Crown Point gives no assurance that they will prove to be correct. The intended use of the net proceeds of the Offering by Crown Point might change if the board of directors of Crown Point determines that it would be in the best interests of Crown Point to deploy the proceeds for some other purpose, such as an acquisition. All forward looking statements contained in this press release are made as at the date of the release and Crown Point undertakes no obligation to update publicly any revisions made to the forward looking statements, except as required by applicable securities law.