Creso Exploration Closes $200,000 Private Placement Financing and Resignation of President and CEO
MONTREAL, QUEBEC--(Marketwire - Nov 2, 2012) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT)(CRXEF)(C3X.F) is pleased to announce the closing of a non-brokered private placement for total consideration of $200,000 consisting of the issuance of 4,000,000 units (each a "Unit") at $0.05. A Unit consists of one common share (a "Common Share") and one Common Share warrant (a "Warrant"), with each Warrant entitling its holder to purchase a Common Share at $0.10 over a two-year period.
All securities issued pursuant to the private placements are subject to regulatory approval and have a hold period of four months from the date of closing. No commission was paid in relation to the private placement. The proceeds of the financing will be affected to the working capital
The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
Resignation of President and Chief Executive Officer
Mr. Vernon Drylie has tendered his resignation as President and CEO of the Corporation. Mr. Pierre Gauthier, Chairman of the Board, has accepted to act as Interim President and CEO.
About Creso
The Corporation''s principal mining exploration holdings are located in the Shining Tree mining camp of Northern Ontario within 100 km of the Timmins and Kirkland Lake mining camps.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward- looking statements as a result of numerous factors, some of which may be beyond the Corporation''s control. These factors include: results of exploration activities, general market and industry conditions, and other risks disclosed in the Corporation''s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation''s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Corporation may at any point modify its work program.
