Continuum Announces Non-Brokered Private Placement of Up To $3,500,000 08:02 EDT Tuesday, June 24, 2008
VANCOUVER, BC, June 24 /CNW Telbec/ - Continuum Resources Ltd (TSXV:CNU) announces that it has agreed to complete a non-brokered private placement (the "Financing") of up to 70,000,000 units (the "Units") at a price of$0.05 per Unit for gross proceeds of up to $3,500,000 . Each Unit will consist of one common share of Continuum and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase an additional common share of Continuum at a price of$0.10 per share for a period of two years. The terms of the Financing will be subject to TSX Venture Exchange (the "Exchange") approval.
Continuum will pay a cash commission to any party introducing qualified subscribers to the Financing (the "Finder") of 7% of the total proceeds raised by the Finder. A Finder who is a Member of the Exchange (as defined by Exchange policies) will also be entitled to receive a warrant entitling them to purchase common shares totaling up to 10% of the number of Units placed by such Finder at a price of$0.10 per share for a period of one year.
The proceeds of the Financing will be used for exploration work on Continuum's La Predilecta prospect, located in Oaxaca, Mexico; to maintain its 24% interest in its joint venture with Fortuna Silver Mines Ltd. on the San Jose - Taviche properties (see our news release dated March 12, 2007), and for general working capital purposes.
On behalf of the Board of Continuum Resources Ltd.
"Warren M. McIntyre"
Warren M. McIntyre, Corporate Secretary and Director
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information: Continuum Resources Ltd.: Investor Relations: (604) 629-0000, www.Continuumresources.com