TSX Venture Exchange
Trading Symbol:
CFI (TSX-V)
CNDFF (OTC)
ST. JOHN'S, NL,
Aug. 9, 2013 /CNW/ - Canada Fluorspar
Inc. (TSX-V:CFI) ("CFI" or the "Company") is pleased to announce
that the Company has closed a non-brokered private placement of
1,510,526 flow-through common shares (the "Flow-Through Shares") at
a price of $0.19 per Flow-Through
Share for gross proceeds of $286,999.94. Each Flow-Through Share is equal to
one (1) common share in the capital of the Company and is issued on
a flow-through basis.
"Based on positive results of the current
drilling program at Grebes Nest, we have decided to extend the
drilling and keep the drill rig on site," Lindsay Gorrill, President and CEO of the
Company, said. "We are also targeting a National Instrument 43-101
compliant technical report on this site."
The Company paid finder's fees of 6% in cash to
certain introducing parties on the gross proceeds of the private
placement attributable to the purchases made by purchasers
introduced by such parties. Finder's fees totaling $17,220.00 have been paid with respect to this
private placement.
All of the Flow-Through Shares issued pursuant
to the private placement are subject to a four-month and one day
hold period expiring on December 10,
2013.
The gross proceeds from the Flow-Through Shares
will be used for the Company's continued exploration activities on
the Director and Grebes Nest Veins and other fluorspar properties
located on the Company's 100% owned mineral properties at
St. Lawrence, Newfoundland.
About the Company
The Company is a specialty mineral resource
company engaged in the development of fluorspar deposits located in
St. Lawrence, Newfoundland,
Canada, and is reactivating the existing Blue Beach North
and Tarefare underground fluorspar mines, expanding the existing
mill, constructing a new, environmentally-sound Tailings Management
Facility through Newspar, which it's a 50/50 joint venture with
Arkema. The Company is also building a new deep-water marine
terminal in the outer St. Lawrence Harbour for the export of
fluorspar concentrate product.
For more information please see:
www.canadafluorspar.com
Neither 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.
SOURCE Canada Fluorspar Inc.