Centurion Announces Increase of Non-Brokered Private Placement and Provides Update on New Myanmar Foreign Investment Law
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/13/12 -- Centurion Minerals Ltd. (TSX VENTURE: CTN) ("Centurion", "the Company") announces that its previously announced (November 2, 2012) non-brokered private placement of up to 4,300,000 Units priced at $0.07 has been oversubscribed. The Company plans to increase the private placement to up to 5,714,285 Units priced at $0.07 for total gross proceeds of up to $400,000. Each Unit will consist of one common share and one half warrant. Each whole warrant will be exercisable for one common share at $0.10 for a period of eighteen months following the closing and will be subject to a four month hold period.
Proceeds from this financing shall be used for Myanmar project due diligence, exploration activities and general corporate purposes. The offering is subject to the approval of the TSX Venture Exchange and finders' fees will be paid.
The New Myanmar Foreign Investment Law
In early November, Myanmar President Thein Sein, signed and announced new foreign investment legislation which includes the opportunity for foreign companies to own up to 100% of business ventures, offers foreign tax exemptions or relief, and provides for long-term land leases. "The adoption of this new legislation combined with the suspension of international economic sanctions earlier this year has created a viable investment platform for foreign investors in Myanmar," stated Mr. Alfred Lenarciak, Centurion Chairman.
ABOUT CENTURION
Centurion Minerals Limited is a Canadian-based company focused on the exploration and development of gold and other precious metal projects in Southeast Asia.
On Behalf of the Board,
David G. Tafel, President and CEO
This news release may contain forward looking statements concerning future operations of Centurion Minerals Ltd. (the "Company"). All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
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.
Contacts:
Centurion Minerals Limited
David Tafel
President and CEO
(604) 484-2161
(604) 683-8544 (FAX)
info@centurionminerals.com
www.centurionminerals.com
