VANCOUVER, Feb. 19, 2013 /CNW/ - Cliffmont Resources Ltd.
(TSX-V - CMO) (the "Company") is pleased to announce a
non-brokered private placement of up to 3,500,000 units at
$0.35 per unit for gross proceeds of
$1,225,000. Each unit will consist of
a share and one-half of a transferable common share purchase
warrant. Each whole warrant will have an exercise price of
$0.50 and be exercisable for a period
of 18 months from closing, with a forced conversion which comes
into effect once the shares trade at a price above $0.75 per common share for a period of 15
consecutive days. The Company will pay finders' fees on a portion
of the financing. The securities will be subject to a hold period
of four months from date of closing.
The net proceeds from this private placement
will be used for the continued exploration of the San Luis Project
and for general working capital purposes.
The proposed financing is subject to the approval of the TSX
Venture Exchange.
ON BEHALF OF THE BOARD
"Jeff Tindale"
Jeff Tindale, President and CEO
About Cliffmont Resources:
Cliffmont Resources Ltd. (TSX-V:CMO) is a
Vancouver-based company focused on
the exploration of precious and base metals in Colombia's prolific San Luis mining district.
The Company has a 100% option in the San Luis Project, comprising
2,701 hectares, including an exploitation concession located on the
Eastern flank of the Central Cordillera of Colombia within the Department of Huila. As a
well-funded first mover in one of Colombia's most prolific under-developed gold
districts, the Company is conducting an aggressive and focused
exploration program. The San Luis Project consists of a 7km x 3km
mineralized area that spans hosting epithermal gold and silver
targets, including multiple past producing gold mines.
Forward Looking Statements. This
Company news release contains certain "forward-looking" statements
and information relating to the Company that are based on the
beliefs of the Company's management as well as assumptions made by
and information currently available to the Company's management.
Such statements reflect the current risks, uncertainties and
assumptions related to certain factors including, without
limitations, competitive factors, general economic conditions,
customer relations, relationships with vendors and strategic
partners, the interest rate environment, governmental regulation
and supervision, seasonality, technological change, changes in
industry practices, and one-time events. Should any one or
more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Cliffmont Resources Ltd.