TSX Venture Exchange
Trading Symbol: CFI
ST. JOHN'S, NL, March 28, 2013 /CNW/ - Canada Fluorspar Inc.
(TSX-V:CFI) ("CFI" or the "Company") is pleased to announce that
the Company has closed a non-brokered private placement of
4,151,331 flow-through units (the "Flow-Through Units") at a price
of $0.30 per Flow-Through Unit for
gross proceeds of $1,245,399.
Each Flow-Through Unit consists of one common
share in the capital of the Company (each a "Common Share") and
one-half of one common share purchase warrant (each whole warrant,
a "Warrant"), each issued on a flow-through basis. Each whole
Warrant entitles the holder to purchase one Common Share (a
"Warrant Share") at an exercise price of $0.35 per Warrant Share for a period of twelve
(12) months.
Each Warrant is subject to an accelerator clause
whereby at the Company's option, the holder must exercise their
Warrants within 14 calendar days in the event that Common Shares
trade at or greater than a weighted average price of $0.45 per share for 15 consecutive trading days
on the TSX Venture Exchange.
The Company paid finder's fees of 6% in cash to
certain introducing parties on the gross proceeds of the private
placement attributable to the purchases made by purchasers
introduced by such parties. Finder's fees totaling $63,300 have been paid with respect to the first
tranche of the private placement.
Certain Common Shares and Common Shares acquired
upon the exercise of the Warrants are subject to a four-month and
one day hold period expiring on July 29,
2013.
The gross proceeds from the Flow-Through Units
will be used for the Company's continued exploration activities on
the Director and Grebes Nest Veins and other fluorspar properties
located on the Company's 100% owned mineral properties at
St. Lawrence, Newfoundland.
About the Company
The Company is a specialty mineral resource
company engaged in the development of fluorspar deposits located in
St. Lawrence, Newfoundland,
Canada, and is reactivating the existing Blue Beach North
and Tarefare underground fluorspar mines, expanding the existing
mill, constructing a new, environmentally-sound Tailings Management
Facility through Newspar, which it's a 50/50 joint venture with
Arkema. The Company is also building a new deep-water marine
terminal in the outer St. Lawrence Harbour for the export of
fluorspar concentrate product.
For more information please see:
www.canadafluorspar.com
Neither 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.
SOURCE Canada Fluorspar Inc.