Conway Resources Inc CWNYF

Another 12 million shares of dilution

[fdjens1]

Conway Resources announces the closing of a $725,000 private placement with a Mining Fund

CONWAY RESOURCES INC (Tier2) CWY

9/26/2011 5:00:00 PM

QUEBEC CITY, Sep. 26, 2011, 2011 (Canada NewsWire via COMTEX News Network) --

Conway Resources Inc. ("Conway" or the "Corporation") (TSXV: CWY) is pleased to announce the closing of a $725,000 non-brokered flow-through private placement with a Mining Fund.

The private placement consists in the issuance of 12,083,333 flow-through common shares at a price of
.06 per share for proceeds of $725,000 and 12,083,333 share purchase warrants. Each warrant will entitle its holder to subscribe for one additional common share of the Corporation at a price of
.10 for a 12-month period following the closing date of the private placement.

In connection with the private placement, the Corporation has paid, as a finder's fee, a cash payment of 4% of the gross proceeds and issued 483,333 compensation common shares and 483,333 compensation warrants. Each warrant will entitle its holder to subscribe for one additional common share of the Corporation at a price of
.10 for a 12-month period following the closing date of the private placement.

The proceeds from the private placement will be used for exploration work on the Corporation's Quebec properties. The shares issued and the underlying shares to be issued pursuant to the exercise of the warrants under the private placement are subject to a restricted period on resale of four months and one day.

The private placement is subject to regulatory approval.