MONTREAL, QUEBEC--(Marketwire - Feb. 27, 2013) - Critical Elements Corporation (News - Market indicators)(OTCQX:CRECF)(FRANKFURT:F12) is pleased to announce that it has closed the first tranche of a non-brokered private placement, for an amount of $976,600.
The Company has issued 4,883,000 units of common shares at a price of $0.20 per share for gross proceeds of $976,600. Each unit consists of one common share priced at $0.20 and one half of one purchase warrant. Each whole purchase warrant entitles the holder thereof to purchase one common share of the Corporation for a period of 36 months at a price of $0.375 per share.
The Company has paid $2,800 in Finders Fees. A Director has subscribed for 500,000 units of this financing.
Under applicable securities legislation and policies of the TSX Venture Exchange, the securities issued or issuable in the private placement are subject to a hold period of four months.
The proceeds of this private placement will be used for working capital and to pursue the feasibility study.
The private placement is subject to regulatory approval.