Central Resources Corp. Increases and Closes Financing
07.03.2012 | Marketwired
VANCOUVER, March 7, 2012 - Central Resources Corp., (TSX VENTURE:CBC) ("Central" or the "Company") is pleased to announce that it has increased and subsequently closed the non-brokered private placement previously announced on February 8, 2012.To accommodate oversubscriptions, a total of 4,100,000 units were issued at a price of $0.05 per unit for gross proceeds of $205,000. Each unit consists of one common share and one transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company for a period of 12 months from closing at an exercise price of $0.10. The Company may accelerate the expiry of the warrants (following the expiry of the 4 month hold period applicable to the warrants) if the twenty-day volume-weighted average trading price of the shares on the TSX Venture Exchange (or such other exchange on which the shares may be listed) exceeds $0.20 in which event the warrant will expire 30 calendar days after the date that the Company provides notice to the holders.
All securities issued under the private placement are subject to a statutory hold period expiring on July 7, 2012.
The proceeds from the private placement will be used for general working capital and to fund exploration work on the Company's mineral properties.
About Central Resources
Central Resources Corp. is a junior exploration company created to leverage the extensive knowledge and experience of a dedicated group of financial and resource industry professionals. The Company has acquired options on several highly prospective mineral properties in the Yukon and British Columbia and continues to pursue additional opportunities to build shareholder value.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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
Central Resources Corp.
Paul Reynolds, President and CEO
604-630-3730
info@centralres.ca
www.centralres.ca
