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Castle Resources Inc.

Published : February 18th, 2011

Castle Res. completes 12 001 750 private placement and issues 1.180.500 options

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Keywords :   Copper | Precious Metals |

 

Castle Res. completes 12 001 750 private placement and issues 1.180.500 options

 

 

 

 

 

 

 

Castle Resources Inc. ("Castle" or the "Company") (TSX VENTURE:CRI) is pleased to announce today that it has raised gross proceeds of $12,001,750 by way of a brokered private placement (the "Offering") through Scotia Capital Inc., as lead agent, and Cormark Securities Inc., Primary Capital Inc., and D&D Securities Inc. (collectively, the "Agents"). Under the Offering the Company issued 19,675,000 common shares (each a "Shares") at a purchase price of $0.61 per Share.

The Agents received a cash commission of 6% of the gross proceeds raised through the Agents under the Offering, and 1,180,500 compensation options (each a "Compensation Option") entitling them to acquire up to 1,180,500 Shares at a price of $0.61 per Compensation Option.

 

Proceeds from the Offering will be used for exploration and development of the Company's Granduc property located near Stewart, British Columbia, exploration and development of the Elmtree Gold property in New Brunswick, and for general working capital purposes. All securities issued pursuant to the Offering, including the Compensation Options issued to the Agents, are subject to a four (4) month statutory hold commencing from closing. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.

 

"With this financing Castle is in an excellent position to aggressively drill and explore the Granduc this year," said Mr. Mike Sylvestre, President & COO. "Based on positive drill results from last year's campaign our objective remains to develop a significant NI 43-101 copper and precious metals resource at the Granduc."

 

About Castle Resources

Castle Resources Inc. is a Toronto-based junior mineral exploration company focusing on high-quality, advanced exploration projects. Management's goal is to continue the redevelopment of the past producing Granduc Copper Mine and begin new exploration activities; as well, management is quickly advancing the Elmtree Gold Project in New Brunswick toward feasibility in 2011. For more information please visit the Castle Resources' website at www.castleresources.com.

Disclaimer

 

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes","may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the 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.

For more information, please contact

Castle Resources Inc.
Mike Sylvestre
President & COO
647-288-0296
mike@castleresources.com
or
Castle Resources Inc.
Lenny Foreht
VP Corporate Development
416-364-2266
lforeht@hotmail.com

 

 

 

 

 

 

 

 

 

 

 

 

Castle Resources Inc.

EXPLORATION STAGE
CODE : CRI.V
ISIN : CA1484771029
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Castle Res. is a copper exploration company based in Canada.

Its main exploration properties are GRANDUC COPPER MINE and ELMTREE in Canada.

Castle Res. is listed in Canada. Its market capitalisation is CA$ 27.8 millions as of today (US$ 22.3 millions, € 19.5 millions).

Its stock quote reached its highest recent level on April 08, 2011 at CA$ 0.95, and its lowest recent point on December 19, 2014 at CA$ 0.01.

Castle Res. has 191 990 000 shares outstanding.

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Annual reports of Castle Resources Inc.
Annual report 2006
Financings of Castle Resources Inc.
2/18/2011Castle Res. completes 12 001 750 private placement and issue...
2/18/2011Castle Res. completes 12 001 750 private placement and issue...
2/18/2011Completes $12,001,750 Private Placement
Nominations of Castle Resources Inc.
7/10/2013Appoints KPMG Corporate Finance as Financial Advisor
6/23/2011Appoints Mike Sylvestre as Chief Executive Officer
Project news of Castle Resources Inc.
4/24/2013Announces Filing of Preliminary Economic Assessment and Opti...
2/28/2011(Granduc Copper Mine)NI 43-101 Resource Estimate for Granduc Copper Project Excee...
10/26/2010(Granduc Copper Mine)Confirms Significant Copper Mineralization at the Granduc Co...
Corporate news of Castle Resources Inc.
9/12/2013Provides Corporate Update
7/18/2013Announces Mr. Tyler Mitchelson Appointed New Director
6/27/2013Announces Closing of $200,000 Offering
5/3/2013Announces Acquisition of Common Shares of GreenBank Capital ...
3/15/2013Announces Closing of $1.9 Million Offering
12/12/2012Reports New Granduc Resource Estimate With a Significant Inc...
10/25/2012Announces Complete 2012 South Zone Drill Results from the Gr...
10/10/2012Provides Corporate Update on Its Granduc Copper Project, B.C...
10/2/2012Announces Closing of $5.48 Million Offering
9/21/2012Announces Pricing of Previously Announced $6.5 Million Offer...
6/7/2011Initiates Baseline Environmental Studies at Granduc Copper P...
5/26/2011to Rehabilitate 17 km Tunnel at its Granduc Mine, British Co...
4/28/2011Provides Operations Update for the Granduc Copper Project
2/10/2011Adopts Shareholder Rights Plan
10/19/2010Acquires 100% Interest in Granduc Copper Project
1/14/2008Letter of intent to acquire Cobalt Silver camp
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