$3 MILLION
UNIT FINANCING CLOSED
July 23, 2009
Constantine Metal
Resources Ltd. (TSX Venture- CEM) ("Constantine" or the
"Company") is pleased to announce that its non-brokered unit
private placement has closed. The Company has issued 25,000,000 units
at a price of $0.12 per unit for gross proceeds of $3,000,000. The
units consist of one share and one half warrant.
Each Warrant entitles the
holder thereof to purchase one Share (a "Warrant Share") at an
exercise price of $0.20 per Warrant Share for a period of one year, provided
that, commencing on the closing date of the private placement, if the closing
price of the Company's common shares on the TSX Venture Exchange (the
"Exchange"), or any other stock exchange on which the Company's
common shares are then listed, is at a price equal to or greater than $0.30
for a period of twenty (20) consecutive trading days, the Company will have
the right to accelerate the expiry date of the Warrants by giving written
notice to the holders of the Warrants that the Warrants will expire on the
date that is not less than thirty (30) days from the date notice is provided
by the Company to the Warrant holders.
In addition the Company
has issued 1 million units to a finder. The finder's warrants have the
same terms as the warrants issued pursuant to the financing.
The securities are
subject to a four-month plus one-day hold period from July 22, 2009 in
accordance with applicable securities laws.
The proceeds from the
sale of the units will be used to fund exploration work on the Company's
Palmer Project in Alaska and general corporate purposes.
Mr. Garfield MacVeigh,
the Company's President, has acquired 4,200,000 units in the private
placement. The 4,200,000 common shares and 2,100,000 warrants
comprising the units acquired by Mr. MacVeigh represent 10.02% of the
Company's issued and outstanding common shares, assuming the exercise of Mr.
MacVeigh's warrants. After giving effect to the above acquisition, Mr.
MacVeigh beneficially owns an aggregate of 6,795,000 common shares, 2,100,000
warrants and 660,000 stock options which, assuming the exercise of all
warrants and stock options held by Mr. MacVeigh, would collectively represent
15.03% of the Company's then issued and outstanding common shares.
Mr. MacVeigh acquired the
units for investment purposes. He intends to evaluate the investment in
Constantine and to increase or decrease his shareholdings as he may determine
for investment purposes. A copy of the early warning report being filed
by Mr. MacVeigh is available on SEDAR and may be obtained by contacting the
Company at the number provided below.
About Constantine
The Company's Palmer
project is a world class base metal exploration opportunity in a very
accessible part of southeast Alaska. Constantine also owns 100% of the
Croesus Gold property, including the former Croesus Gold mine, consisting of
22 patented mining claims and leases (416 hectares), located 90 kilometers
east of Timmins, Ontario and within the influence of the prolific
Porcupine-Destor Deformation zone (PDDZ) that stretches between Timmins,
Ontario and Val�Dor, Quebec.
Please visit the
Company�s website (www.constantinemetals.com) for more detailed company and
project information.
On Behalf of Constantine Metal Resources Ltd.
�J. Garfield MacVeigh�
President
Investor relations enquiries, please contact:
Lisa May (Lisa D May & Associates Inc.)
Phone: 778.288.2737
Email: info@constantinemetals.com
www.constantinemetals.com
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