Exercised Warrants Raise $2.4 Million Cash for Constantine
January 14 2010 - 8:00AM
Marketwired
Constantine Metal Resources Ltd. (TSX VENTURE: CEM) ("Constantine"
or the "Company") announces that it has received $2,405,000 from
the exercise of outstanding warrants over the past 30 days and as a
result has issued 12,025,000 shares at a price of $0.20 per share.
Last month the Company accelerated the expiry of 13,000,000
warrants by giving notice to its warrant holders that it was
exercising its right to do so under the terms of the warrants. The
unexercised balance of 975,000 accelerated warrants expired
yesterday.
The Company currently has 79,978,022 shares outstanding
following the issuance of these shares and has $3.9 million cash in
the bank after the exercise of the above-noted warrants.
The existing cash and funds raised from the warrant exercise
will be used primarily for the 2010 Palmer drill program that is
currently in the planning stages, utilizing 3 drills and projected
to start in late May 2010. The Company is also evaluating plans for
a 2010 Munro Croesus winter drill program that would allow detailed
exploration for high grade Croesus-type ore that was mined
historically at the Croesus Gold Mine. Garfield MacVeigh, President
and CEO of Constantine states, "With almost $4 million cash in the
bank the Company is now well positioned to add value to the
well-located copper-rich Palmer VMS discovery in southeast Alaska
and advance our gold projects in the Timmins camp area of
Ontario."
Constantine expects to receive and release results shortly of
the first NI 43-101 Palmer resource estimate. The resource estimate
is based on recent drill results from the Southwall and RW zones.
Recent mineralogy studies with metallurgical benchmarking
demonstrated coarse grained mineralogy and the likelihood that the
Palmer mineralization could yield good recoveries with high grade
concentrates at relatively low milling cost (see News Release
#49-09, November 19, 2009).
About the Company
Constantine has a 100% interest in two exceptional projects
located in world class exploration environments where management
has strong familiarity and expertise. These include the Palmer
Project, where the Company has made a major new
copper-zinc-silver-gold discovery in a very accessible part of
southeast Alaska, and the Munro-Croesus Project, a past-producing
mine property that yielded some of the highest grade gold ever
mined in Ontario.
Please visit the Company's website (www.constantinemetals.com)
for more detailed company and project information.
On Behalf of Constantine Metal Resources Ltd.
Garfield MacVeigh, President
Forward looking statements: This news release includes certain
"forward-looking information within the meaning of Canadian
securities legislation and "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 (collectively "forward looking statements")."
Forward-looking statements include predictions, projections and
forecasts and are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"forecast", "expect", "potential", "project", "target", "schedule",
budget" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions and includes the negatives thereof. All
statements other than statements of historical fact included in
this release, including, without limitation, statements regarding
potential mineralization, interpretation of prior exploration and
potential exploration results, the timing and success of
exploration activities generally, the timing and results of future
resource estimates, and future plans and objectives of Constantine
are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements are based on a number of material
factors and assumptions. Important factors that could cause actual
results to differ materially from Constantine's expectations
include actual exploration results, changes in project parameters
as plans continue to be refined, results of future resource
estimates, future metal prices, availability of capital and
financing on acceptable terms, general economic, market or business
conditions, uninsured risks, regulatory changes, defects in title,
availability of personnel, materials and equipment on a timely
basis, accidents or equipment breakdowns, delays in receiving
government approvals, unanticipated environmental impacts on
operations and costs to remedy same, and other exploration or other
risks detailed herein and from time to time in the filings made by
the Company with securities regulators. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ from those described in
forward-looking statements, there may be other factors that cause
such actions, events or results to differ materially from those
anticipated. There can be no assurance that forward-looking
statements will prove to be accurate and accordingly readers are
cautioned not to place undue reliance on forward-looking
statements.
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: Constantine Metal Resources Ltd. R.E. (Bob) Jeffery
Investor relations enquiries 250-335-2011 bob@constantinemetals.com
or info@constantinemetals.com www.constantinemetals.com
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