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MONTREAL, QUEBEC–(Marketwire – July 9, 2012) – Creso Exploration Inc. (“Creso” or the “Corporation”) (TSX VENTURE:CXT) (OTCQX:CRXEF) (FRANKFURT:C3X) is pleased to announce that it has completed the closing of a non-brokered private placement for total consideration of $500,000 consisting of the issuance of 10,000,000 units (each a “Unit”). A Unit consists of one common share (a “Common Share”) issued on a flow-through basis and one-half of a Common Share warrant (each whole warrant, a “Warrant”), with each Warrant entitling its holder to purchase a Common Share at $0.10 over a two-year period. All securities issued pursuant to the private placements have a hold period of four months from the date of closing.
Following its participation in this private placement, an investor, now owns approximately 11% of the Corporation and becomes an insider of the Corporation.
The proceeds of the financing will be used to finance exploration work on Creso’s Shining Tree properties which will constitute Canadian exploration expenses (“CEE”) as defined in the Income Tax Act.
The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
About Creso
The Corporation’s principal mining exploration holdings are located in the Shining Tree mining camp of Northern Ontario within 100 km of the Timmins and Kirkland Lake mining camps.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward- looking statements as a result of numerous factors, some of which may be beyond the Corporation’s control. These factors include: results of exploration activities, general market and industry conditions, and other risks disclosed in the Corporation’s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Corporation may at any point modify its work program.
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.
Vernon Drylie, P. Eng.
President and CEO
(514) 866-6001 # 239
(514) 866-6193 (FAX)
[email protected]
www.creso.ca
Douglas Murray
Investor Relations
(613) 220-0569 / (613) 882-7295
[email protected]
