Creso Exploration Announces Non-Brokered Private Placement
MONTREAL, QUEBEC -- (Marketwire) -- 12/18/12 -- Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE: CXT)(FRANKFURT: C3X) announces that its Board of directors has approved a non-brokered private placement of 4,000,000 "flow-through" units (each, a "FT Unit") and 9,000,000 units (each, a "Unit"), both FT Unit and Unit to be issued at a price of $0.05 for aggregate gross proceeds of $650,000 (the "Private Placement"). Each FT Unit shall be comprised of one common share of the Corporation issued on a flow-through basis and one-half of a common share purchase warrant of the Corporation (each whole common share purchase warrant, a "Warrant"). Each Unit shall be comprised of one common share of the Corporation (a "Unit Share") and one Warrant. Each Warrant will entitle its holder to subscribe for one additional common share at an exercise price of $0.10 per share during a 24-month period following closing of the Private Placement. The net proceeds of the proposed Private Placement will be used to finance the exploration program of the Corporation and its working capital. All securities issued pursuant to the Private Placement will have a four-month hold period. Insiders of the Corporation are expected to participate in the Private Placement.
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.
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 its work program.
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.
Contacts:
Pierre R. Gauthier
Chairman and President
(514) 866-6001 # 237
(514) 866-6193 (FAX)
info@creso.ca
www.creso.ca
Douglas Murray
Investor Relations
(613) 220-0569 / (613) 882-7295
dmurray@creso.ca
