Cream Minerals Closes Private Placement Financing.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 19, 2004 Cream Minerals Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CRMXF)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture:CMA CMA - Concert Multithread Architecture from DEC. ) ("Cream" or "Company") is pleased to announce that it has closed its brokered private placement of 2,400,000 units (the "Units") at a price of $0.65 per Unit, for gross proceeds of $1,560,000. Each Unit is comprised of one common share in the capital of Cream and one-half of one non-transferable share purchase warrant. One whole share purchase warrant entitles the holder to purchase one additional common share of Cream for a period of one year from closing of the private placement, at an exercise price of $0.75 per common share. Canaccord Capital Corporation ("Canaccord") and a Selling Agent shared in a combination of non-transferable Agent's Warrants and Finder's Warrants equal to aggregate 20% of the number of Units sold, exercisable for a period of one year from closing at an exercise price of $0.75. Canaccord also received a cash commission equal to 4.24% of the gross proceeds from the sale of Units, Agent's Units equal to 3.76% of the gross proceeds from the sale of Units, an administration fee and a corporate finance fee of 35,000 Corporate Finance Units, with both Agent's Units and Corporate Finance Units having the same terms as the Units sold. All shares, warrants and any shares issued upon exercise of the warrants with respect to the private placement and agent's compensation are subject to a hold period and are restricted from trading for a four month period expiring June 20, 2004. Proceeds from the private placement will be used for the further exploration of Cream's 100% owned Nuevo Milenio Gold-Silver Property near Tepic, in Nayarit State, Mexico and for general working capital. The Company is presently completing a 2,800 metre diamond drill program on the Nuevo Milenio property. The drill program is investigating three mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. areas, Dos Hornos, Once Bocas and Chacuaco, for disseminated and stockwork-type, epithermal, gold-silver mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . Twelve holes have now been completed in the current program and assays are anticipated shortly for the initial six holes. For more information about Cream Minerals Ltd. and its projects please visit the following websites, http://www.sedar.com/ and the Company's website http://www.creamminerals.com/. Frank A. Lang, P. Eng P. ENG Professional Engineer P. ENG process engineer , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. U.S. 20-F Registration No regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities has approved or disapproved the information contained in this news release. |
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