TORONTO, ONTARIO, Dec. 4, 2009 (Marketwire) -- Crown Minerals Inc. ("Crown" or the "Company") (TSX VENTURE:CWM) is pleased to announce a proposed non-brokered private placement of up to 3,333,334 units at a price of $0.15 per unit (the "Offering"), for aggregate gross proceeds of up to $500,000. Each Unit will be comprised of one flow through common share and one half common share purchase warrant, each whole warrant entitling the holder to purchase one common share for $0.25 at any time within 18 months. All securities issued pursuant to this private placement will be subject to a four (4) month hold period. Completion of the private placement is subject to receipt of all required regulatory and other approvals. The Company reserves the right to increase or decrease the size of the Offering.
The gross proceeds from the Offering will be used to fund exploration programs on the Company's recently acquired gold properties in Whitney and Deloro Townships near Timmins, Ontario, at the Stairs mine near Matachewan, Ontario and on Mackenzie Island near Red Lake, Ontario.
In connection with the Company's previously-announced private placement (see Crown Minerals news release dated December 3, 2009) of 3,830,000 units at a price of $0.12 per unit for aggregate proceeds of $459,600, the Company paid a finder's fee of 8% in cash and 10% in finder's warrants (each finder's warrant entitling the holder to purchase one unit for $0.12 at any time within 18 months, each such unit being comprised of one common share and one half common share purchase warrant (each such whole warrant entitling the holder to purchase one common share for $0.18 on or before May 1, 2011)).
The Company is also pleased to announce the appointment of James Fairbairn as the Company's Chief Financial Officer and to the Company's Board of Directors. Mr. Fairbairn is a self-employed chartered accountant with extensive experience in public accounting and corporate governance. He is a director of a number of TSX Venture companies and he will be an invaluable asset to the Company and to the Board.
For further information please contact: Mr. Stephen Dunn, President and a Director of Crown Minerals Inc., by telephone: 416-822-3343 or by mail: 130 Adelaide Street West, Suite 2700, Toronto, Ontario M5H 3P5.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The flow-through common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "anticipates", "expects", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.