Does anyone know about this?I know the board is interested in the White Gold District. Theis company just came to my attention. Does anyone know anything about these guys? They are trading at .15 and seem to be pretty tight withj 22 million shares out. If any one can help me that would be great.! Thanks
Central Announces $750,000 Financing
5/25/2011 10:30:52 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, May 25, 2011 (MARKETWIRE via COMTEX News Network) --
Central Resources Corp. (TSX VENTURE: CBC) ("Central" or the "Company") is pleased to announce that it has negotiated a non-brokered private placement of $750,000 through the sale of 3,750,000 flow-through units at a price of
.20 per unit.
Each flow through unit will consist of one flow-through common share and one half of one non flow-through share purchase warrant. Each whole warrant will entitle the holder to purchase one additional non flow-through common share of the Company for a period of 12 months from closing at an exercise price of
.40. The Company may accelerate the expiry of the warrants (following the expiry of the 4 month hold period) if the twenty-day volume-weighted average trading price of the shares on the TSX Venture Exchange (or such other exchange on which the shares may be listed) exceeds
.60 in which event the warrant will expire 30 calendar days after the date that the Company provides notice to the holders.
The Company will pay a cash finder's fee equal to 6% of the gross proceeds raised in the private placement. The Company will also issue that number of finder's warrants equal to 10% of the number of units sold under the private placement. Each finder's warrant will entitle the holder to purchase one non flow-through common share of the Company for a period of 12 months from closing at an exercise price of
.40. The finder's warrant will be subject to the same acceleration provisions as the flow-through units sold in the private placement.
The proceeds from the private placement will be used for exploration work on the Company's Yukon mineral properties. The 2011 exploration program is planned to consist of soil sampling and trenching to follow up gold soil anomalies identified last year. A follow up diamond drill program is planned for fall.
Closing is subject to a due diligence condition and the acceptance of the TSX Venture Exchange. All securities issued under the private placement will be subject to a four month hold period.
About Central Resources
Central Resources Corp. is a junior exploration company created to leverage the extensive knowledge and experience of a dedicated group of financial and resource industry professionals. The Company has acquired options on several highly prospective mineral properties in the Yukon and British Columbia and continues to pursue additional opportunities to build shareholder value.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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: Central Resources Corp. Paul Reynolds President and CEO 604-630-3730 info@centralres.ca www.centralres.ca Strike Communications Inc. James Berard 604-687-2768 or Toll Free: 1-877-459-5507 james@strike-ir.com