Vancouver, British Columbia--(Newsfile Corp. - September 9, 2019) - Centurion Minerals Ltd. (TSXV: CTN) ("Centurion", or the "Company") wishes to announce that it has received TSX Venture Exchange approval to close its previously announced private placement (in 2 tranches) and received gross proceeds totaling $1,703,630.
The Company has issued 17,036,300 common share units, priced at $0.10/Unit, and consisting of one common share and one common share purchase warrant exercisable for 2 years and priced at $0.15.
The warrants are subject to an acceleration clause such that if the volume weighted average price of the Common Shares is greater than $0.30 per share for a period of 20 consecutive trading days at any time during the period of time commencing after Closing until the expiry of the Warrants, the Company may at its option elect to accelerate the expiry date of the Warrants. In such case, the Warrants will expire on the 20th day after the date on which notice of such acceleration is given by the Company.
Finders fees consisting of $18,440 and 184,400 broker warrants have been paid and the shares are subject to a four month hold period expiring in December 2019. The broker warrants have the same terms as the private placement participants.
2nd Private Placement
Centurion has received expressions of interest in a 2nd non-brokered private placement for up to $300,000 on the same terms as the financing that has closed recently and priced at $0.10/Unit. The private placement will be subject to TSX Venture exchange approval.
Proceeds are allocated to general working capital as well as due diligence related to South American cannabis opportunities, focused on Uruguay, Argentina, Paraguay and Peru.
Centurion Minerals Ltd. is a Canadian-based company with a focus on South American asset development. The Company's lead investment is its interest in the Ana Sofia Agri-Gypsum Fertilizer Project. In addition, the Company is actively pursuing business opportunities in the South American cannabis and related products industry.
"David G. Tafel"
President and CEO
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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.
This news release contains forward looking statements concerning future operations of Centurion Minerals Ltd. (the "Company"). All forward-looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections. Such statements include, among others: possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; actual results of reclamation activities; conclusions of future economic evaluations; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to construction activities and operations; timing and receipt of regulatory approvals of operations; the ability of the Company and other relevant parties to satisfy regulatory requirements; the availability of financing for proposed transactions, programs and working capital requirements on reasonable terms; the ability of third-party service providers to deliver services on reasonable terms and in a timely manner; market conditions and general business, economic, competitive, political and social conditions.
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