Castle Resources Completes $5,999,994 Private Placement
October 19 2011 - 11:19AM
Marketwired
Castle Resources Inc. (TSX VENTURE:CRI) ("Castle" or the "Company")
is pleased to announce today that it has raised gross proceeds of
$5,999,994 by way of a brokered private placement (the "Offering")
of 9,523,800 flow-through common shares ("FT Shares") at a price of
$0.63 per FT Share.
Scotia Capital Inc., as lead agent, and Cormark Securities Inc.
(collectively, the "Agents") acted as agents for the Offering. The
Agents received a cash commission of 5% of the gross proceeds.
The gross proceeds raised from the sale of FT Shares will be
used by the Company to finance qualified Canadian exploration
expenditures on its Canadian resource properties.
All securities issued pursuant to the Offering are subject to a
four month statutory hold commencing from closing. The Offering is
subject to TSX Venture Exchange acceptance of requisite regulatory
filings.
About Castle Resources
Castle is a Toronto-based junior mineral development company
focusing on high-quality, advanced projects. Management's goal is
to continue the redevelopment of the 100% owned past producing
Granduc Copper Mine and begin new exploration activities; as well,
management is advancing the Elmtree Gold Project in New Brunswick
toward feasibility in 2011. Following the completion of the above
referenced Offering, Castle has approximately $8 million in its
treasury and has issued and outstanding approximately 115 million
common shares.
For more information please visit the Castle Resources' website
at www.castleresources.com.
Disclaimer
Certain statements contained in this news release may contain
forward-looking information within the meaning of Canadian
securities laws. Such forward-looking information is identified by
words such as "estimates", "intends", "expects", "believes","may",
"will" and include, without limitation, statements regarding the
company's plan of business operations (including plans for
progressing assets), estimates regarding mineral resources,
projections regarding mineralization and projected expenditures.
There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially
from such statements. Factors that could cause actual results to
differ materially include, among others, metal prices, risks
inherent in the mining industry, financing risks, labour risks,
uncertainty of mineral resource estimates, equipment and supply
risks, title disputes, regulatory risks and environmental concerns.
Most of these factors are outside the control of the company.
Investors are cautioned not to put undue reliance on
forward-looking information. Except as otherwise required by
applicable securities statutes or regulation, the company expressly
disclaims any intent or obligation to update publicly forward-
looking information, whether as a result of new information, future
events or otherwise.
This news release does not constitute an offer to sell or
solicitation of an offer to sell any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to a
U.S. Person unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
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.
Contacts: Castle Resources Inc. Mike Sylvestre President &
CEO 416-366-4100mike@castleresources.com Castle Resources Inc.
Lenny Foreht VP Corporate Development
416-644-9003lforeht@castleresources.comwww.castleresources.com
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