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Attention Business Editors
Canada Fluorspar Inc. Closes Private Placement
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TORONTO, March 8 /CNW/ - Canada Fluorspar Inc. (TSX-V: CFI) (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.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release."
For further information on the Company please see:
www.canadafluorspar.com
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Cautionary Statement Regarding Forward-Looking Information
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This press release may contain forward-looking statements which may
include plans, expectations, opinions, forecasts, projections or other
statements that are not statements of fact, in particular comments relating to
expectations relating to the development of the Company's assets and expansion
of the Company's business plan and the possibility and timing for the
Company's production of fluorspar. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, it
cannot give any assurance that such expectations will prove to be correct.
Results of the Company, including its ability to reopen its mine and
produce fluorspar and achieve the expected timelines and sales expectations,
may be affected by a variety of variables and risks associated with the mining
and mineral processing industry, such as, loss of market, competition, ability
to access sufficient debt and equity capital from internal and external
sources, ability to expand in the marketplace, exploration and development
plans and results, anticipated capital expenditures and financing thereof,
timing of applications and approvals as well as risks and variables associated
in general with the Company's industry. As such the future plans and
objectives of the Company are forward-looking statements that involve risks
and uncertainties and may be based on assumptions that could cause actual
results to differ materially from those anticipated or implied in such
statements. The Company has, in part, relied on information provided to it by
its potential customers, as well as reports and forecasts provided by third
parties involved in the industry and by the Company's own assessment of the
market for fluorspar in order to develop its forward-looking statements and
there is no assurance that the assumptions, forecasts or information relied
upon by the Company is correct, or will not be affected by events or
circumstances beyond the control of the Company. The Company's forward-looking
statements are expressly qualified in their entirety by this cautionary
statement. Unless otherwise required by applicable securities laws, the
Company does not intend nor does it undertake any obligation to update or
review any forward-looking statements to reflect subsequent information,
events, results or circumstances or otherwise.
-30-
/For further information: Lindsay Gorrill, President and CEO, Canada
Fluorspar Inc., Tel: (208) 667-1278/
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