Central Closes 300,000 Financing
VANCOUVER, BRITISH COLUMBIA, Dec 28, 2012 (Menafn - MARKETWIRE via COMTEX) --Central Resources Corp. ("Central" or the"Company") is pleased to announce that it has closed the non-brokeredprivate placement previously announced on December 7, 2012.
A total of 12,000,000 units were issued at a price of 0.025 per unitfor gross proceeds of 300,000. Each unit consists of one commonshare of the company and one warrant. Each warrant entitles theholder to purchase one additional common share of the Company at aprice of 0.05 during the first year following the closing date and0.10 during the second year following the closing date. The Companymay accelerate the expiry of the warrants (following the expiry ofthe 4 month hold period) if the twenty-day volume-weighted averagetrading price of the shares on the TSX Venture Exchange ("TSX-V") (orsuch other exchange on which the shares may be listed) exceeds 0.10in in the first year following the closing date or 0.20 in thesecond year following the closing date, in which event the warrantswill expire 30 calendar days after the date that the Company providesnotice to the holders.
All securities issued under the private placement are subject to astatutory hold period expiring on April 28, 2013.
The private placement was completed pursuant to the temporary reliefmeasures provided under TSX-V's Bulletin dated August 17, 2012,Private Placements - Temporary Relief from Certain PricingRequirements and is subject to final TSX-V approval. The directors ofthe Company have approved the financing.
The Company intends to use the proceeds raised from the privateplacement to fund expenditures made in connection with completion ofthe exploration program of Company's Tam property and general workingcapital needs of the Company, as follows:
Use of ProceedsAmount
Exploration Program Expenditures for Tam Property260,000
TSX Venture Exchange Filing Fees5,000
Audit Fees and General Working Capital35,000
About Central Resources
Central Resources Corp. is a junior exploration company created toleverage the extensive knowledge and experience of a dedicated groupof financial and resource industry professionals. The Company hasacquired options on several highly prospective mineral properties inthe Yukon and British Columbia and continues to pursue additionalopportunities to build shareholder value.
This news release contains forward-looking information, including theexpected use of proceeds, which involves known and unknown risks,uncertainties and other factors that may cause actual events todiffer materially from current expectation. Important factors -including the availability of funds, the results of financingefforts, the results of exploration activities -- that could causeactual results to differ materially from the Company's expectationsare disclosed in the Company's documents filed from time to time onSEDAR (see www.sedar.com). Readers are cautioned not to place unduereliance on these forward-looking statements, which speak only as ofthe date of this press release. The company disclaims any intentionor obligation, except to the extent required by law, to update orrevise any forward-looking statements, whether as a result of newinformation, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
Central Resources Corp.
President and CEO
SOURCE: Central Resources Corp.
Copyright 2012 Marketwire, Inc., All rights reserved.