February 19, 2013 - VANCOUVER, Canada - Crestwell Resources Inc. ("Crestwell" or the "Company") (CNSX:CER) is pleased to announce that further to its news release of December 6, 2012, the Company has completed a non-brokered private placement of a total of 2,541,500 units at a price of $0.15 per unit, raising a total of $381,225. Each unit consists of one common share and one non-transferable common share purchase warrant, with each warrant entitling the holder thereof to acquire one additional common share at a price of $0.20 per share in the first year and $0.30 per share in the second year. All securities issued in connection with the private placement are subject to a 4-month hold period in Canada. The Company paid a finder's fee of 7% cash and 7% warrants to Canaccord Genuity Corp. on a portion of the gross proceeds.
The funds raised from the private placement will be used for property acquisitions, for further development of the Company's properties and for general working capital.
In the United States, the units were offered and sold pursuant to exemptions from the registration requirements of the United States Securities Act of 1933 (the "1933 Act"). The units and the underlying securities have not been and will not be registered under the 1933 Act and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Crestwell Resources Inc.
The Company owns 100% of two mineral properties in Canada; the Kerrisdale 1 property located in south-central British Columbia (B.C.) and the Eagle Lake gold property located in north-western Ontario.
Kerrisdale 1 Property
The Kerrisdale 1 property is located near Logan Lake, south-central B.C., approximately 200 kilometers north-east of Vancouver, B.C. and approximately 40 kilometers south-southwest of Kamloops, B.C. and is approximately 369.5 hectares (912 acres) in size. The property is considered to host porphyry copper potential.
Eagle Lake Property
The Eagle Lake Property (11 claims for 150 units) lies within the Wabigoon Subprovince of the Superior Province, in north-western Ontario and encompasses a total area of 2,413 hectares (5,960 acres). The property itself is underlain mainly by ENE-striking felsic, intermediate and mafic volcanics of the Wabigoon assemblage. The Fornieri Bay showings are situated within intermediate to felsic pyroclastics, consisting of crystal, ash and minor lapilli tuffaceous units mineralized with up to 5% pyrite and minor amounts of chalcopyrite and pyrrhotite. Host rocks are intensely sheared, sericitized and carbonatized. Quartz veins are lenticular and discontinuous, occupying tension fractures contain chlorite, iron carbonate and minor sulphides. Gold values reported from historic surface and borehole testing were generally in the 2 to 5 g/t Au range, with occasional elevated spikes.
See the Company's exploration update in the November 8, 2012 news release highlighting a recently completed prospecting program where grab samples had recorded gold values as high as 204 g/t Au and 156 g/t Au.
The Eagle Lake Project was supervised and managed by C.J. Baker, MSc., the Company's exploration manager. Nelson W. Baker, P.Eng., is the designated Qualified Person for the Company and has approved the technical content of this news release.
CRESTWELL RESOURCES INC.
For further information, please contact:
John Morita, CFO
(604) 682-2928, firstname.lastname@example.org
Or visit our website www.crestwellresources.com
THE CANADIAN NATIONAL STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
THIS NEWS RELEASE IN NOT INTENTED AS A SOLICITATION TO PURCHASE SECURITIES OF THE COMPANY.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
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