Toronto, Ontario--(Newsfile Corp. - April 13, 2016) - Crown Mining Corporation (TSXV: CWM) ("Crown" or the "Company") announces a proposed non-brokered private placement for aggregate gross proceeds of up to $120,000 comprised of up to 2,000,000 units at a price of $0.06 per unit (each such unit being comprised of one common share and one warrant) (the "Offering"). Each whole warrant will entitle the holder to purchase one common share for $0.15 at any time within 3 years after closing subject to an acceleration clause. All securities issued pursuant to this private placement will be subject to a four (4) month hold period. The Company proposes to pay to eligible finders a finder's fee equal to 10% of the gross proceeds raised. The Company also reserves the right to increase or decrease the size of the Offering.
Completion of the Offering is subject to receipt of all required regulatory and TSX Venture Exchange approvals. The Company will use the proceeds of the offering for work at its Superior Project and for general working capital purposes.
The Company is also pleased to announce the appointment of Rich Morrow as the Company's Chief Financial Officer. Mr. Morrow is currently a Director of Crown and has extensive experience in managing public companies.
In addition, the Company announces that incentive stock options to purchase up to 700,000 common shares of the Company have been granted to various officers, directors and consultants of the Company pursuant to the Company's stock option plan and subject to any regulatory approval. Each stock option is exercisable at $0.10 for a period of three years from the grant date.
Crown is focused on advancing its 100% controlled Lights Creek Copper Project in Northeast California. There are four known copper deposits on the 18 square kilometer property with over 2 billion pounds of contained copper as reported in our two Technical Reports available on Sedar.
The Moonlight deposit hosts a current National Instrument 43-101 ("NI 43-101") compliant indicated resource of approximately 161 million tons (146.5 million tonnes) averaging 0.324% copper, 0.003 ounces of gold and 0.112 ounces of silver per ton, and an inferred resource of 88 million tons (80 million tonnes) averaging 0.282% copper per ton. Further details of this resource can be found in the Technical Report on the Moonlight Copper Property dated April 12, 2007 at Sedar.com. The Superior and Engels deposits have a current NI 43-101 inferred mineral resource of 57 million metric tonnes at an average copper grade of 0.43%. Further details of this resource can be found in the Technical Report on the Superior Project dated November 7, 2014 filed on Sedar. The fourth deposit has a historical resource that is not compliant with NI 43-101.
Mr. George Cole is the Qualified Person pursuant to NI 43-101 responsible for the technical information contained in this news release, and he has reviewed and approved this news release.
For more information please see the Crown website at www.crowngoldcorp.com.
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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 press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "anticipates", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The flow-through common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.