Creso Exploration Final Closing of Non-Brokered Private Placement (ccnm)
MONTREAL, QUEBEC--(Marketwire - Jan. 8, 2013) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT)(FRANKFURT:C3X) announces the closing of the last tranche the previously announced non-brokered private placement (the "Placement"). This last tranche consisted of 600,000 "flow-through" units (each, a "FT Unit") issued for total gross proceeds of $30,000. Pursuant to the Placement, Creso issued an aggregate of 4,000,000 FT Units and 8,400,000 units (each, a "Unit"). Each of the FT Units and Units was issued at a price of $0.05 for aggregate gross proceeds of $620,000. Each FT Unit is 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 is comprised of one common share of the Corporation (a "Unit Share") and one Warrant. Each Warrant entitles its holder to subscribe for one additional common share at an exercise price of $0.10 during a 24-month period following closing. All securities issued pursuant to the Private Placement have a four-month hold period as follows: until May 1, 2013 for 600 000 FT Unit and April 22, 2013 for 3,400,000 FT Units and 8,400,000 Units. The Private Placement is subject to receipt of the final approval of the TSX Venture Exchange.
The proceeds of the Private Placement will be used to finance the exploration program of the Corporation and its working capital.