QUEBEC CITY, Dec. 6, 2012 /CNW Telbec/ - Conway Resources Inc. ("Conway" or the "Company") (TSXV: CWY) is pleased to announce that it has closed a $35,000 non-brokered private placement of common flow-through shares and common shares.
The private placement resulted in the issuance of 630,000 common flow-through shares of Conway at $0.05 per share for a total of $31,500, 70,000 common shares of Conway priced at $0.05 per share for a total of $3,500 and 700,000 warrants, with each warrant entitling its holder to purchase an addition common share of the Company for $0.10 during a 12-month period following the closing of the private placement.
The proceeds of the private placement will be used for drilling on Vein 18 in preparation for one or more bulk samples to be taken in 2013 on the Belleterre mining concession in Témiscamingue, Québec. This drilling will also save the Company money on the next major drilling program, planned for the spring of 2013.
The common shares issued under the private placement and the underlying common shares issuable on exercise of the warrants are subject to a resale restriction period of four months plus a day.
The private placement is also subject to regulatory approval.