Casa Minerals Inc. Announces Private Placement
TSX VENTURE: CASA
Vancouver, British Columbia (FSCwire) - Casa Mineral Inc. (the “Company”) the Company is pleased to announce a non-brokered private placement of up to 8,333,333 units (each, a “Unit”) at a price of $0.12 per Unit for an up to $1,000,000 (the “Financing”). Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one transferable warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase one additional Common Share at a price of $0.25 per Common Share for a period of two years and are subject an acceleration clause. Proceeds of the financing are to be used for general working capital as well as exploration and development of the company’s projects.
The Company further announces that pursuant to the terms noted above it has completed a first tranche of the placement for generating gross proceeds of $700,000 and will issue 5,833,333 Units. In connection with the placement the Company will pay finders fees of $29,880 and issue 249,000 Finders warrants having the same terms and conditions as the warrants issued as part of the Units.
All of the securities issued under the private placement will be subject to a four month resale restriction. The completion of the private placement remains subject to the approval of the TSX Venture Exchange and the satisfaction of other customary closing conditions
None of the securities issued in the financing will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About Casa Minerals Inc.
The Company is engaged in the acquisition, exploration and development of its mineral property located in Canada. The Company owns a one hundred percent (100%) interest in the Pitman Property and has an option to acquire a seventy-five percent (75%) interest in the Arsenault Property.
The Pitman Property is comprised of five mineral claims covering approximately 5,423.17 hectares and is located 20 kilometres from Terrace, British Columbia. The mineral claims of the Pitman Property comprise five non-contiguous mineral tenures of historical prospecting, including the Pitman copper-molybdenum+-silver prospect and the WoMo and Paddy Mac gold and base metal prospects as well as the Keaper gold-silver-copper propspect. Casa’s exploration program for the Pitman Property will be primarily focused on the exploration for gold, copper, silver and molybdenum.
The Arsenault Property is comprised of three mineral claims covering approximately 2,751.07 hectares and is located in the Atlin Mining Division, British Columbia. The focus on the Arsenault Property will be to further define the volcanogenic massive sulphide exploration target located within the Arsenault Property.
For more information, please contact:
Casa Minerals Inc.
Farshad Shirvani, President & CEO
Phone: (604) 689-9523
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the Company’s limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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