Been watching this for awhile now and its time to get in now......IMHO great things to come
GLTA
QUEBEC CITY, March 31 /CNW Telbec/ - Conway Resources Inc. ("Conway" or the "Corporation") (TSXV: CWY) is pleased to announce that it has closed a $771,000 non-brokered private placement of common and flow-through common shares. Kingsdale Shareholder Services Inc. ("Kingsdale") of Toronto subscribed to $750,000 of the private placement.
The private placement of flow-through common shares involved the issuance of 7,342,858 flow-through units for proceeds of $514,000. Each flow-through unit consists of one common share of Conway at a price of
.07 per share and one share purchase warrant. Each warrant entitles its holder to purchase one additional common share of the Corporation at a price of
.12 for a 12-month period from closing of the private placement.
The private placement of common shares involved the issuance of 3,671,429 common units for proceeds of $257,000. Each common unit consists of one common share of Conway at a price of
.07 per share and one share purchase warrant. Each warrant entitles its holder to purchase one additional common share of the Corporation at a price of
.12 for a 12-month period from closing of the private placement.
"We are very pleased to have completed this financing with a first class financial partner like Kingsdale," said Laurent Beaudoin, President and CEO of Conway. "The funds will enable the Corporation to step up the pace of exploration at our Belleterre Mine and LITCO-1 properties. We will also be able to start building the retaining ponds needed to dewater the Belleterre Mine as soon as we obtain the certificate of authorization."
The private placement will be used for exploration work on the Corporations's Quebec properties and for working capital purposes. The common shares issued and the underlying common 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.
This private placement is subject to regulatory approval.
About Conway Resources Inc.
Conway is a mining exploration corporation that owns four gold properties and one rare metals property in Quebec. Its main asset is the Belleterre Mine property. The property is the site of the old Belleterre mine, which produced over 800,000 ounces of gold between 1936 and 1959. A total of 2.18 million tonnes of ore at an average grade of 10.73 g/t Au were extracted from the mine, primarily from vein 12 (95% of production). Earlier reports indicate the presence of at least 21 veins on the property.
More information can be found on Conway's website at www.ressources-conway.com.