Business
Centurion Increases Oversubscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - October 24, 2018) - CENTURION MINERALS LTD. (T...
About this update from Centurion Minerals Ltd.
[{"type":"text","content":"Centurion Increases Oversubscribed Private PlacementVancouver, British Columbia--(Newsfile Corp. - October 24, 2018) - CENTURION MINERALS LTD. (TSXV: CTN) (\"Centurion\" or the \"Company\") announces that its previously announced non-brokered private placement for up to $275,000 priced at $.02/Unit, has been oversubscribed and has been increased to up to $320,000. Each Unit consists of one common share and one common share purchase warrant exercisable for 2 years and priced at $.05. The Company contemplates that various exemptions will be utilized pursuant to this financing. It may rely upon the suitability advice exemption (B.C. Instrument 45-536) as well as the existing shareholder exemption (CSA notice 45-313) which allows for an investment of up to $15,000 within any 12-month period. There is no material fact or material change that has not been generally disclosed. Closing will be subject to TSX Venture Exchange approval and any shares issued will be subject to a four-month hold period.Proceeds from this financing shall be used by the Company as follows: Audit fees - $51,000; legal fees- $15,000; accounting- $10,000; operating capital-Ana Sofia Project- $75,000; rent- $10,000; office overhead- $21,000; promissory notes interest- $50,000; management and administration- $15,000; regulatory filing fees-$3,000; working capital- $70,000. ABOUT THE ANA SOFIA PROJECT The Ana Sofia Project includes an agri-gypsum open pit mine and processing facility having a current design capacity of 4,000 tonnes/month. Gypsum is extracted from near-surface, flat-lying beds within the sedimentary formation that extends throughout the Ana Sofia Property, located in Santiago del Estero Province, Argentina. The gypsum rock is fed into primary and secondary crushers, then screened and sorted into two agri-gypsum fertilizer products. The plant is designed to produce a pellet-sized granular product and a fine powder product (comprised of a minimum 85% gypsum content) that are each packaged into one tonne tote bags. Agricultural gypsum (calcium sulfate dihydrate) is a valuable plant nutrient and plays a vital role in maintaining soil structure and nutrient balance in South American soils, resulting in enhanced crop yields. The Project comprises two mining concessions totalling 50 hectares (ha) in size within a larger (approximately 600 ha) exploration p...