Post by
fruiscante1 on Jan 01, 2014 10:09pm
PP closed yesterday
Contact Exploration Announces Closing of Private Placement V.CEX | 1 day ago CALGARY, ALBERTA--(Marketwired - Dec. 31, 2013) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES Contact Exploration Inc. ("Contact" or the "Company") (TSX VENTURE:CEX) is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") of common shares in the capital of the Company, to be issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) ("Flow-Through Shares"). Contact issued an aggregate of 5,555,556 Flow-Through Shares in the Private Placement, at a price of $0.36 per Flow-Through Share for aggregate gross proceeds of $2,000,000.16. Contact expects to use the proceeds of the Private Placement to incur eligible Canadian Exploration Expenses to fund its ongoing capital programs prior to December 31, 2014. These qualifying Canadian Exploration Expense expenditures will be renounced to subscribers effective December 31, 2013. The Flow-Through Shares issued today are subject to a four-month hold period under applicable securities laws, which hold period expires on May 1, 2014. Read more at https://www.stockhouse.com/news/press-releases/2013/12/31/contact-exploration-announces-closing-of-private-placement#jLFGBpz1cRiQI7k2.99