VANCOUVER, BC--(Marketwired - October 23, 2015) - Centurion Minerals Ltd. (TSX VENTURE: CTN) ("Centurion", "the Company") announces that it is proposing to consolidate its shares outstanding on a 5 for 1 basis. Particulars of the share consolidation to be voted on by shareholders at the Company's AGM being held October 27, 2015, have been outlined in a special resolution in the Company's recently distributed Information Circular. The company currently has 64,070,264 common shares issued and outstanding. Subject to shareholder approval and exchange acceptance, the resulting post consolidation shares outstanding would be 12,814,052. The exercise price and number of common shares issuable pursuant to all outstanding stock options and warrants will also be adjusted in accordance with the consolidation ratio.
Management and Directors believe the share consolidation is in the best interests of the shareholders in order to facilitate and secure additional financing and new opportunities.
The Company also announces it intends to arrange a non-brokered private placement of up to 5,000,000 Units priced at $0.05 per Unit for total gross proceeds of up to $250,000. Each Unit will consist of one (post-consolidated) common share and one (post-consolidated) 2 year common share purchase warrant. Each warrant will be exercisable for one common share at $0.10 for the first year and at $0.15 for the second year following the closing. The shares will be subject to a 4 month hold period and the private placement is subject to TSX Venture Exchange approval.
Proceeds from this financing shall be used for investigating project acquisitions, and general corporate purposes.
ABOUT CENTURION
Centurion Minerals Limited is a Canadian-based company focused on the exploration and development of gold and other mineral projects.
On Behalf of the Board,
David G. Tafel, President and CEO
Neither the 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.
This news release may contain forward looking statements concerning future operations of Centurion Minerals Ltd. (the "Company"). All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.