Contact Exploration Announces Private Placement of Flow-Through Common Shares
CALGARY, Dec. 13, 2012 /CNW/ – Contact Exploration Inc. (“Contact” or the “Company“) (TSXV: CEX) announces that it is carrying out a non-brokered private placement (the “Private Placement“) of common shares in the capital of the Company, to be issued on a “flow-through” basis pursuant to the Income Tax Act(Canada) (“Flow-Through Shares“). Contact expects to issue a minimum of 6,250,000 Flow-Through Shares in the Private Placement, at a price of $0.24 per share, for minimum aggregate gross proceeds of $1,500,000.
Contact expects to use the proceeds of the Private Placement to incur eligible Canadian Exploration Expenses to fund its ongoing capital programs prior to December 31, 2013. These qualifying Canadian Exploration Expense expenditures will be renounced to subscribers effective December 31, 2012.
The Flow-Through Shares to be issued pursuant to the Private Placement will be subject to a four-month hold period from the closing date.
The Private Placement is subject to approval from the TSX Venture Exchange.
http://www.contactexp.com/Press_Release.html
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