Crazy Horse Resources Inc. Closes C$5,230,500 Private Placement
19 July 2011 - 5:56AM
Marketwired
Crazy Horse Resources Inc. (TSX VENTURE: CZH) (the "Company") is
pleased to announce the completion of its non-brokered private
placement of 6,973,975 common shares ("Shares") for proceeds of
C$5,230,481.
The private placement included a subscription of 823,975 Shares
made by Copper Development Corporation pursuant to anti-dilution
rights granted under its prior purchase of 6,666,667 Shares of the
Company (see news release dated July 4, 2011). As a result of this
investment, Copper Development Corporation will maintain its 11.82%
interest in voting securities of the Company.
The Company is fully funded for its Bankable Feasibility
resource and site investigation drilling which will be completed
during 2011; its Pre-Feasibility Study costs; and remaining working
capital requirement for 2011.
No finder's fee or commissions were paid in respect of the
private placement.
The Shares will be subject to a four-month hold period in
accordance with applicable Canadian securities laws that expires on
November 14, 2011.
About Crazy Horse Resources Inc.
Crazy Horse Resources Inc. is a Tier 1 mining issuer listed on
the TSX Venture Exchange. The Company's focus is on its Taysan
Project. The Taysan Project contains a copper-gold porphyry deposit
with an inferred resource, and is comprised of two mining
exploration permits and three mining exploration permit
applications (permits: EP-IVA-005 and EP-IVA-016, and permit
applications: EPA-IVI-108, EPA-IVI-111 and EPA-IVA-081) over five
contiguous claim blocks covering a combined total area of 11,254
hectares. The Taysan Project hosts a large and only partly explored
copper-gold porphyry deposit similar to other copper-gold porphyry
deposits previously mined in the Philippines. The Taysan Project is
located in southern Luzon, Philippines in a well-developed mining
province and readily accessible by road located 20km east of the
provincial capital and deep water commercial port of Batangas City.
The Company is currently conducting a feasibility study under the
management of AMECMinproc Limited, which remains on track and on
schedule.
A National Instrument 43-101 compliant technical report by
Mining Associates dated effective March 11, 2011 and entitled
"Mineral Resource Estimate and Preliminary Economic Assessment
Taysan Project" can be viewed under the Company's profile on SEDAR
(www.sedar.com).
ON BEHALF OF THE BOARD
Johan Raadsma, President, CEO and Secretary
This press release includes "forward-looking statements"
including statements relating to completion of the proposed
Offering and use of the offering proceeds, that are subject to a
number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company. Investors are cautioned that any
such statements are not guarantees of future performance and that
actual results or developments may differ materially from those
projected in the forward-looking statements. Such forward-looking
information represents management's best judgment based on
information currently available. No forward-looking statement can
be guaranteed and actual future results may vary materially. There
is no assurance that the Company will be successful in raising any
or all of the private placement, or that the terms thereof will not
materially change prior to closing. The Company does not assume the
obligation to update any forward-looking statement, except as
required by applicable law.
Neither the 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.
Contacts: KIN Communications Inc. Investor Relations
1-866-684-6730 Ir@kincommunications.com
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