March 9th, 2010
Canada Fluorspar Inc. (the "Company"), a specialty mineral resource company engaged in the development and production of fluorspar deposits, is pleased to announce that it has closed the previously announced private placement financing resulting in aggregate gross proceeds of approximately $1,200,000. The private placement consisted of an aggregate of 557,503 common shares issued at a price of $0.40 per share and 2,035,414 common shares issued on a "flow-through" basis issued at a price of $0.48 per share (the "Offering"). Certain directors, officers and insiders of the Corporation have subscribed for 23% of the private placement.
A finder's fee in the amount of $44,500 was paid to an arm's length third party of the Company on that portion of the gross proceeds raised by the finder.
The common shares and common shares issued on a "flow-through" basis pursuant to the private placement have a four month and one day hold period which shall expire on July 6, 2010.
The Company intends to use the proceeds of the private placement as working capital to fund the continued program on the Company's fluorspar property at St. Lawrence, Newfoundland and Labrador.
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. (the "Company"), a specialty mineral resource company engaged in the development and production of fluorspar deposits, is pleased to announce that it has closed the previously announced private placement financing resulting in aggregate gross proceeds of approximately $1,200,000. The private placement consisted of an aggregate of 557,503 common shares issued at a price of $0.40 per share and 2,035,414 common shares issued on a "flow-through" basis issued at a price of $0.48 per share (the "Offering"). Certain directors, officers and insiders of the Corporation have subscribed for 23% of the private placement.
A finder's fee in the amount of $44,500 was paid to an arm's length third party of the Company on that portion of the gross proceeds raised by the finder.
The common shares and common shares issued on a "flow-through" basis pursuant to the private placement have a four month and one day hold period which shall expire on July 6, 2010.
The Company intends to use the proceeds of the private placement as working capital to fund the continued program on the Company's fluorspar property at St. Lawrence, Newfoundland and Labrador.
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.
