Castle Peak Announces Closing of Non-Brokered Private Placement for Proceeds of $500,000

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[{"type":"text","content":"Castle Peak Announces Closing of Non-Brokered Private Placement for Proceeds of $500,000VANCOUVER, BC / ACCESSWIRE / July 13, 2016 / Castle Peak Mining Ltd. (TSXV: CAP) (\"Castle Peak\" or the \"Company\"), is pleased to announce the closing of its previously announced non-brokered private placement offering of 16,666,667 units of the Company at a price of $0.03 per common unit for gross proceeds of $500,000 (the \"Offering\"). 1,453,334 of the units for gross proceeds of $43,600 are being issued to existing shareholders participating through the existing security holders prospectus exemption available under BC Instrument 45-534 -- Exemption from Prospectus Requirements for Certain Trades to Existing Securityholders and equivalent provisions of other applicable securities laws.\nEach Unit sold pursuant to the Offering consists of one common share (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.05 prior to 4:00 p.m. on January 12, 2018.\nThe Company expects to initiate a focused field program of detailed sampling and prospecting on priority prospects (Akoko Trend, POW-Dansuom, POW-A1/3, and Dompem_New and K4) in preparation for proposed initial drill testing. Each of these prospects combines geophysical characteristics, geochemical anomalies and geological settings favourable for the occurrence of gold deposits. These high potential prospects are within 30km on main roads from the Nzema, the Iduapriem and the Tarkwa mines.\nThe Company expects to use the proceeds of the Offering as described in its news release dated June 10, 2016, with additional proceeds above the minimum amount of $300,000 to be used for debt repayment and general working capital. Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities, in the discretion of management and the board of directors of the Company.\nThe Company will pay a finder's fee of $3,600 to certain introducing parties on some of the proceeds in respect of the Offering, subject to compliance with applicable securities legislation and TSX Venture Exchange policies. The Offering is subject to receipt of a...

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