QUEBEC CITY,
Dec. 6, 2012 /CNW Telbec/ - Conway
Resources Inc. ("Conway" or the "Company") (TSXV: CWY) is pleased
to announce that it has closed a $35,000 non-brokered private placement of common
flow-through shares and common shares.
The private placement resulted in the issuance
of 630,000 common flow-through shares of Conway at $0.05 per share for a total of $31,500, 70,000 common shares of Conway priced at
$0.05 per share for a total of
$3,500 and 700,000 warrants, with
each warrant entitling its holder to purchase an addition common
share of the Company for $0.10 during
a 12-month period following the closing of the private
placement.
The proceeds of the private placement will be
used for drilling on Vein 18 in preparation for one or more bulk
samples to be taken in 2013 on the Belleterre mining concession in Témiscamingue,
Québec. This drilling will also save the Company money on the next
major drilling program, planned for the spring of 2013.
The common shares issued under the private
placement and the underlying common shares issuable on exercise of
the warrants are subject to a resale restriction period of four
months plus a day.
The private placement is also subject to
regulatory approval.
About Conway Resources Inc.
Conway is a
mining exploration corporation that owns four gold properties and
one rare metals property in Quebec. Its main asset is the Belleterre Mine
property. The property is the site of the old Belleterre mine, which produced over 800,000
ounces of gold between 1936 and 1959. A total of 2.18 million
tonnes of ore at an average grade of 10.73 g/t Au were extracted
from the mine, primarily from vein 12 (95% of production). Earlier
reports indicate the presence of at least 21 veins on the
property.
More information can be found on Conway's website at
www.ressources-conway.com.
Forward-Looking Statements
This press release contains certain
forward-looking statements that might involve uncertainty, time
frames, and/or known and unknown risks beyond the Corporation's
control. The Corporation's actual results, performance and
achievements may differ materially from the results, performance
and achievements implied by such forward-looking statements.
Neither the TSX Venture Exchange Inc. nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange Inc.) accepts responsibility
for the adequacy or accuracy of this press release.
SOURCE CONWAY RESOURCES
INC.