Continental Precious Minerals Inc. Press Release.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Continental Precious Minerals Inc. (NEX NEX abbr. Navy exchange Board:CZQ.H) today announced that it has obtained board approval to complete a non-brokered private placement of up to 2,500,000 common shares at an issue price of $0.12 per share. The proceeds of the private placement are expected to be used to fund the costs of a NI 43-101 report in respect of the 10 exploration licenses covering seven uranium uranium (y  rā`nēəm), radioactive metallic chemical element; symbol U; at. no. 92; at. wt. 238.0289; m.p. 1,132°C;; b.p. 3,818°C;; sp. gr. 19. deposits in Sweden Sweden, Swed. Sverige, officially Kingdom of Sweden, constitutional monarchy (2005 est. pop. 9,002,000), 173,648 sq mi (449,750 sq km), N Europe, occupying the eastern part of the Scandinavian peninsula. recently acquired by Continental and for general working capital purposes. Edward Godin, the President of Continental, and Patricia Sheahan, a director of Continental, have advised Continental that they wish to participate in the private placement by acquiring 100,000 common shares each. As of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , Mr. Godin owns 1,180,492 common shares (representing 20.4% of the issued and outstanding shares) and stock options for the purchase of 239,825 common shares and Ms. Sheahan owns 15,000 common shares (representing less than 1% of the issued and outstanding shares) and stock options for the purchase of 150,000 common shares. The private placement is exempt from the formal valuation and minority approval requirements of applicable securities laws as, at the time of approval of the private placement by the board of Continental, neither the fair market value of the aggregate number of common shares to be issued to insiders, nor the fair market value of the consideration, exceeded 25% of Continental's market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. . Completion of the private placement is subject to regulatory approval. The NEX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained therein. CONTINENTAL PRECIOUS MINERALS (NEX BOARD:CZQ.H) |
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