Clifton Star Res (XE:A0Q781)
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5 Years : From Oct 2011 to Oct 2016
Clifton Star Resources Inc. (the "Company" or "Clifton") (TSX VENTURE:CFO)(FRANKFURT:C3T) is pleased to announce it has closed with Industrial Alliance Securities Inc. (the "Agent") a private placement of flow-through shares (the "Private Placement").
The Company has issued 2,760,000 flow-through shares (each, a "Flow-Through Share"), at a price of $1.25 per Flow-Through Share for gross proceeds of $3,450,000 including the Flow-Through Shares issued pursuant to the Agent's over-allotment option which was exercised in full.
In connection with the Private Placement, the Company paid a cash commission to the Agent in an amount equal to $203,250 and issued 138,000 compensation options entitling it to purchase for a period of 18 months from the date of issuance and at a price of $1.25 per share, a number of additional common shares of the Company equal to 5% of the total number of Flow-Through Shares sold in the Private Placement.
All of the securities issued pursuant to the Private Placement are subject to a hold period of four months and one day ending on March 14, 2013.
The Company intends to use the proceeds from the sale of the Flow-Through Shares to incur exploration expenditures on the Duparquet Project, to upgrade and expand its resources.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vice President Finance & CFO