CFI Closes First Tranche of Private Placement

About this update from Bonanza Mining Corporation

[{"type":"text","content":"\n\n\n\n\n\nTSX Venture ExchangeTrading Symbol: CFI\n\n\nST. JOHN'S, NL, March 28, 2013 /CNW/ - Canada Fluorspar Inc. (TSX-V:CFI)\n (\"CFI\" or the \"Company\") is pleased to announce that the Company has\n closed a non-brokered private placement of 4,151,331 flow-through units\n (the \"Flow-Through Units\") at a price of $0.30 per Flow-Through Unit\n for gross proceeds of $1,245,399.\n\n\nEach Flow-Through Unit consists of one common share in the capital of\n the Company (each a \"Common Share\") and one-half of one common share\n purchase warrant (each whole warrant, a \"Warrant\"), each issued on a\n flow-through basis. Each whole Warrant entitles the holder to purchase\n one Common Share (a \"Warrant Share\") at an exercise price of $0.35 per\n Warrant Share for a period of twelve (12) months.\n\n\nEach Warrant is subject to an accelerator clause whereby at the\n Company's option, the holder must exercise their Warrants within 14\n calendar days in the event that Common Shares trade at or greater than\n a weighted average price of $0.45 per share for 15 consecutive trading\n days on the TSX Venture Exchange.\n\n\nThe Company paid finder's fees of 6% in cash to certain introducing\n parties on the gross proceeds of the private placement attributable to\n the purchases made by purchasers introduced by such parties. Finder's\n fees totaling $63,300 have been paid with respect to the first tranche\n of the private placement.\n\n\nCertain Common Shares and Common Shares acquired upon the exercise of\n the Warrants are subject to a four-month and one day hold period\n expiring on July 29, 2013.\n\n\nThe gross proceeds from the Flow-Through Units will be used for the\n Company's continued exploration activities on the Director and Grebes\n Nest Veins and other fluorspar properties located on the Company's 100%\n owned mineral properties at St. Lawrence, Newfoundland.\n\n\nAbout the Company\n\n\nThe Company is a specialty mineral resource company engaged in the\n development of fluorspar deposits located in St. Lawrence,\n Newfoundland, Canada, and is reactivating the existing Blue Beach North\n and Tarefare underground fluorspar mines, expanding the existing mill,\n constructing a new, environmentally-sound Tailings Management Facility\n through Newspar, which it's a 50/50 joint venture with Arkema. The\n Company is also building a...

More updates from Bonanza Mining Corporation