Feb. 25, 2010
Canada Fluorspar Inc., a specialty mineral resource company engaged in the development and production of fluorspar deposits, is pleased to announce a non-brokered private placement of aggregate proceeds of up to $1,200,000 comprised of common shares at a price of $0.40 per share and common shares issued on a "flow-through" basis at a price of $0.48 per share in such combination as the Company determines. The Company advises that Insiders may be subscribing for more than 25% of the private placement.
The private placement is expected to close on or about March 5, 2010 and is subject to normal closing conditions including obtaining required regulatory approvals.
The proceeds of the private placement will be used as working capital to fund the continued work program on the Company's fluorspar property at St. Lawrence, Newfoundland and Labrador. The private placement is subject to receipt of all necessary regulatory approvals.
"This financing makes a debt free balance sheet even stronger", stated Lindsay Gorrill, President & CEO, "as we continue to our goal of bringing our St. Lawrence fluorspar project into production".
ABOUT CANADA FLUORSPAR
The Company is a specialty mineral resource company engaged in the development and production of fluorspar deposits at its property located in St. Lawrence, Newfoundland, Canada and is moving forward to reactivate existing underground fluorspar mines, expand an existing mill, construct a new, environmentally-sound Tailings Management Facility (TMF), and build a new deep-water marine terminal in the outer St. Lawrence Harbour for the export of fluorspar concentrate product. The project is anticipated to produce between 120,000 and 180,000 tonnes of fluorspar filtercake concentrate per year. The common shares of the Company are listed on the TSX Venture Exchange under the symbol CFI.
Canada Fluorspar Inc., a specialty mineral resource company engaged in the development and production of fluorspar deposits, is pleased to announce a non-brokered private placement of aggregate proceeds of up to $1,200,000 comprised of common shares at a price of $0.40 per share and common shares issued on a "flow-through" basis at a price of $0.48 per share in such combination as the Company determines. The Company advises that Insiders may be subscribing for more than 25% of the private placement.
The private placement is expected to close on or about March 5, 2010 and is subject to normal closing conditions including obtaining required regulatory approvals.
The proceeds of the private placement will be used as working capital to fund the continued work program on the Company's fluorspar property at St. Lawrence, Newfoundland and Labrador. The private placement is subject to receipt of all necessary regulatory approvals.
"This financing makes a debt free balance sheet even stronger", stated Lindsay Gorrill, President & CEO, "as we continue to our goal of bringing our St. Lawrence fluorspar project into production".
ABOUT CANADA FLUORSPAR
The Company is a specialty mineral resource company engaged in the development and production of fluorspar deposits at its property located in St. Lawrence, Newfoundland, Canada and is moving forward to reactivate existing underground fluorspar mines, expand an existing mill, construct a new, environmentally-sound Tailings Management Facility (TMF), and build a new deep-water marine terminal in the outer St. Lawrence Harbour for the export of fluorspar concentrate product. The project is anticipated to produce between 120,000 and 180,000 tonnes of fluorspar filtercake concentrate per year. The common shares of the Company are listed on the TSX Venture Exchange under the symbol CFI.
