|
Crown Point Ventures Ltd. (the “Company”) (TSX.V: CWV) is pleased to announce that it has
closed a $2,213,025 private placement (originally announced on January 4, 2007 as a $2,052,000
private placement). This private placement consisted of the sale of 3,882,500 units at a price of
$0.57 per unit, each unit consisting of one common share and one share purchase warrant, with
each warrant entitling the holder to purchase one additional common share for a period of 2 years
from closing, at a price of $0.75 until February 5, 2008, and thereafter at a price of $1.00 until
February 5, 2009, provided that, if after the expiry of all resale restrictions, the closing price of
the Company’s shares as traded on the TSX Venture Exchange is $1.00 or greater for a period of
20 consecutive trading days, the Company may give notice of an earlier expiry of the warrants,
in which case they will expire 21 trading days after the giving of such notice.
The Company also issued an additional 77,650 units in payment of a finder’s fee in connection
with this private placement, each of these units having the same terms as the units sold pursuant
to the private placement.
All of the securities issued in connection with the closing of this private
placement, including the securities issued in payment of the finder’s fee, are subject to a hold
period in Canada until June 6, 2007.
The Company has also received regulatory acceptance for its acquisition of Ironbark Energy
Argentina SA, a wholly-owned subsidiary of Ironbark International Ltd., the consideration to
consist of the issuance by the Company of 500,000 common shares and 500,000 share purchase
warrants exercisable at $0.75 per share for a period of 2 years from closing, as originally
announced on November 1, 2006. The Company anticipates that this closing will occur shortly –
further information in this regard will be disseminated immediately following closing.
|
