Creso Exploration Inc CRXEF

News ! Financing @ .05

[santi69]

 

July 09, 2012 16:51 ET

Creso Exploration Closes $500,000 Private Placement Financing

 

MONTREAL, QUEBEC--(Marketwire - July 9, 2012) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT) (OTCQX:CRXEF) (FRANKFURT:C3X) is pleased to announce that it has completed the closing of a non-brokered private placement for total consideration of $500,000 consisting of the issuance of 10,000,000 units (each a "Unit"). A Unit consists of one common share (a "Common Share") issued on a flow-through basis and one-half of a Common Share warrant (each whole warrant, a "Warrant"), with each Warrant entitling its holder to purchase a Common Share at
.10 over a two-year period. All securities issued pursuant to the private placements have a hold period of four months from the date of closing.

Following its participation in this private placement, an investor, now owns approximately 11% of the Corporation and becomes an insider of the Corporation.

The proceeds of the financing will be used to finance exploration work on Creso's Shining Tree properties which will constitute Canadian exploration expenses ("CEE") as defined in the Income Tax Act.

The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.