| | Published : May 10th, 2007 | Closes $1.47 Million Financing |
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| | For Immediate Release / TSX: CQC OTCBB: CUSIFMay 9, 2007 Cusac Closes $1.47 Million FinancingVancouver, BC, May 9, 2007. David H. Brett, President, Cusac Gold Mines Ltd. (TSX: CQC. OTCBB: CUSIF, the "Company"), reports that the Company has closed 1,474,250 in equity financing in the first tranche of a $2 million financing announced April 2, 2007. The Company issued 3,673,000 flow-through units at $0.27 per unit for gross proceeds of $991,710, and 2,098,000 common share units at $0.23 per unit for gross proceeds of $482,540. Each unit includes one half of one non-transferable share purchase warrant, where each whole warrant entitles the holder to purchase one common share at a price of $0.35 per share for a 18 month period expiring November 8, 2008. The flow through proceeds will be used mainly to fund exploration of the Taurus Project and partly to fund the recently announced drill program at the Oro Vein. The non flow through proceeds will be used for general working capital.
Compensation paid on closing consisted of cash commissions totaling $98,588 and 403,970 broker warrants were issued whereby each warrant entitles the holder to purchase common shares at a price of $0.23 per share for an 18 month period expiring November 8, 2008. All shares issued pursuant to this private placement together with any shares issuable on exercise of warrants have a hold period expiring September 9, 2007.
On behalf of the Board of Directors:
"DAVID H. BRETT" ___________________________________ CEO & Director, Cusac Gold Mines Ltd. |
For Further Information Please Call: 1-800-670-6570 (Canada) or 1-800-665-5101 (USA) 604-682-2421 (Local) Email: info@cusac.com Web: http://www.cusac.com Stock Quotation: CUSIF : OTCBB
CQC : Toronto Stock Exchange
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
About Cusac Gold Mines Ltd.:
Cusac Gold Mines, Ltd. is a gold mining company in existence since 1966. Cusac has a dominant land position in the Cassiar Gold Camp of northern BC, and is producing gold from high-grade quartz veins on Table Mountain. Cusac controls 100% of the low-grade, bulk tonnage, million-ounce resource at the Taurus deposit, and is exploring for more bulk-tonnage, disseminated gold mineralization nearby at its 100% owned Taurus II project. Please visit our website www.cusac.com for more details.
Forward Looking Statements
There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words believes, may, plans, will, estimate, continue, anticipates, intends, expects and similar uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, Cusacs exploration results, lack of revenues, additional capital requirements, risks associated with the exploration activity. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments. |
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Cusac Gold Mines Ltd. Suite 1600, 409 Granville Street Vancouver, B.C. V6C 1T2 Canada
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Data and Statistics for these countries : Canada | All Gold and Silver Prices for these countries : Canada | All
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cusac Gold Mines is a gold producing company based in Canada. Cusac Gold Mines is listed in Canada and in United States of America. Its market capitalisation is CA$ 7.6 millions as of today (US$ 7.5 millions, € 4.8 millions). Its stock quote reached its highest recent level on January 10, 2003 at CA$ 0.78, and its lowest recent point on December 28, 2007 at CA$ 0.07. Cusac Gold Mines has 84 162 191 shares outstanding. |
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