CNT Cenit Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Cenit Corporation (the "Company") (TSX VENTURE:CNT) has completed its change of
business transaction to a Tier 2 resources issuer ("Change of Business") and
non-brokered private placement (the "Offering") previously announced on April
29, 2011. The Change of Business, which was approved by shareholders of the
Company by way of written consents in May, 2011, includes the closing of the
Offering and an agreement to acquire 50% of the Batchawana Bay Copper Property
(the "Property"). The Company's filing statement, dated April 29, 2011, option
agreement with respect to the Property ("Option Agreement") and NI 43-101
compliant technical report on the Property, dated February 12, 2011, may be
accessed on the Company's SEDAR profile at www.sedar.com.


Private Placement

The Offering consisted of the sale 4,936,700 flow-through units ("FT Units") at
$0.15 per FT Unit and 19,564,000 hard-dollar units ("HD Units") at $0.10 per HD
Unit for gross proceeds of $2,696,905. Each FT Unit consists of one common share
in the capital stock of the Company ("Common Share") issued on a flow-through
basis and one-half (1/2) of one Common Share purchase warrant ("FT Warrant").
Each HD Unit consists of one Common Share and one-half (1/2) of one Common Share
purchase warrant ("HD Warrant"). Each whole FT Warrant entitles the holder to
purchase one Common Share at a price of $0.30 for a period of 24 months from the
date of issuance and each whole HD Warrant entitles the holder to purchase one
Common Share at a price of $0.20 for a period of 24 months from the date of
issuance. All Common Shares, FT Warrants and HD Warrants issued pursuant to the
Offering are subject to a four-month and one day statutory hold period.


In conjunction with the Offering, certain finders (the "Finders") received fees
comprised of $52,508.80, 1,007,650 finder warrants (the "Finder Warrants") and
541,012 HD Units. Each Finder Warrant entitles the holder to purchase one Common
Share on a non-flow-through basis at a price of $0.20 for a period of 24 months
from the date of issuance. The Finder Warrants and HD Units issued to the
Finders are also subject to a four-month and one day statutory hold period.


Upon the closing of the Change of Business, Offering and the Riviere Dore claims
acquisition (as further described below), the current number of issued and
outstanding Common Shares of the Company is 60,554,269. The Common Shares will
resume trading on the TSX Venture Exchange on or around June 28, 2011 under the
symbol "CNT".


Batchawana Bay Copper Property

The Company has also completed its Option Agreement with First Minerals
Exploration Ltd. ("FMEL"), a private Ontario company, to acquire an undivided
50% right to title and interest in the Property which included an initial
issuance of 1,000,000 Common Shares. A further issuance of Common Shares equal
to $75,000 and $100,000 will be due on the 12 and 24 month anniversary of the
execution of the Option Agreement, respectively. The Property is comprised of 39
unpatented mineral claims located approximately 85 kilometres northwest of Sault
Ste. Marie, Ontario.


The Property includes the past-producing Coppercorp Mine that operated from 1965
to 1972, milling approximately one million tons of ore and producing about 23
million pounds of copper, 200,000 ounces of silver and 2,000 ounces of gold. The
Coppercorp Mine was an underground mine that produced from mineralized vein
systems along a strike length of 4.2 kilometers and to a depth of 160 meters.
Since the Coppercorp Mine was reopened for staking in 2002, several companies
have carried out exploration and identified the potential for iron oxide
copper-gold (IOCG) deposits. Features that make the prospective for an IOCG type
deposit include: the proximity to the mid-Proterozoic Mid-Continental Rift; the
Keweenawan basalts as a potential source of a significant amount of copper; the
presence of iron oxides; numerous faults and dilation along structures;
widespread copper mineralization; a large regional aeromagnetic anomaly; and,
gold and silver associated with the copper mineralization. The Company intends
to continue the exploration activity for IOCG type deposits that was previously
initiated.


The technical information in this press release on the Batchawana Bay Copper
Property has been reviewed and approved by Howard Coates, P. Geol. who is as a
"Qualified Person" under National Instrument 43-101.


Riviere Dore Claims

The Company is also pleased to announce that it has closed its agreement with
Mundiregina Resources Inc. ("Mundiregina") to acquire 120 claims in the Riviere
Dore area located 85 kilometres southeast of Val d'Or Quebec by issuing
1,500,000 Common Shares and paying $30,000 to Mundiregina. The claims are
contiguous with or completely enveloped by Cartier Resources Inc. and Copper One
Corp.'s joint venture on the Riviere Dore property where initial surface work
has returned significant values for copper, nickel, gold and platinum group
elements.


The technical information in this press release on the Riviere Dore property has
been reviewed and approved by Jared Beebe, a Professional Geologist, who is as a
Qualified Person under National Instrument 43-101.


Board of Directors

The new board of directors for the Company will include: J. Birks Bovaird, Paul
Millar, Marcus Arnold, Bob Leinster and Judy Baker. Mr. Bovaird is the Chairman
of Energy Fuels Inc. and holds the designation of ICD.D from the Institute of
Corporate Directors. Mr. Millar has over 25 years of international real estate
and finance experience and is the President of York London Holdings. Mr. Arnold
is the President of Euro-Bancorp and a Principal of Euromart Realty and is a
director of Capstock Financial Inc. Mr. Leinster, Director and CFO, is a member
of the Institute of Chartered Accountants of Ontario and the Canadian Institute
of Chartered Accountants, and has extensive experience in the areas of corporate
valuations, litigation support, mergers & acquisitions and divestures. Ms.
Baker, President and CEO, has 20 years of experience in the mining and mineral
exploration sector including equity analysis, fund management, and junior
exploration and mining company activity.


CAUTIONARY STATEMENT: These statements are based on information currently
available to the Company and the Company provides no assurance that actual
results will meet management's expectations. Forward-looking statements include
estimates and statements that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management expects a
stated condition or result to occur. Forward-looking statements may be
identified by such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward- looking statements
are based on assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual results relating
to, among other things, results of exploration, project development, reclamation
and capital costs of the Company's mineral properties, and the Company's
financial condition and prospects, could differ materially from those currently
anticipated in such statements for many reasons such as: changes in general
economic conditions and conditions in the financial markets; changes in demand
and prices for minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments; technological and
operational difficulties encountered in connection with the activities of the
Company; and other matters discussed in this news release. This list is not
exhaustive of the factors that may affect any of the Company's forward-looking
statements. These and other factors should be considered carefully and readers
should not place undue reliance on the Company's forward-looking statements. The
Company does not undertake to update any forward-looking statement that may be
made from time to time by the Company or on its behalf, except in accordance
with applicable securities laws. Please see our public filings at www.sedar.com
for further information.

Cenit Corp (TSXV:CNT)
Historical Stock Chart
From May 2024 to Jun 2024

Cenit Corp (TSXV:CNT)
Historical Stock Chart
From Jun 2023 to Jun 2024