|By Marketwired .||
|February 21, 2014 01:38 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 02/21/14 -- Minsud Resources Corp. (TSX VENTURE:MSR) ("Minsud" or the "Company") is pleased to announce the closing of its non-brokered private placement offering of units in Minsud (the "Units") for gross proceeds of $1,042,000.40 (the "Private Placement"). In connection with the closing of the Private Placement, which was initially announced on January 22, 2014, Minsud issued 10,420,004 Units at a price of $0.10 per Unit with each Unit comprising of one common share in the capital of the Company ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant is exercisable for one Common Share at a price of $0.35 for a period of 24 months from the closing date of the Private Placement.
The net proceeds will be used by the Company for financing a diamond drilling program of 1,000 to 1,500 meters at the Chita South porphyry target, option payments relating to the Company's material properties and for general working capital purposes.
Out of the 10,420,004 Units issued under the Private Placement, 3,800,000 Units were purchased by Compania de Tierras Sud Argentino S.A. ("CTSA"), a current insider and control person of the Company.
The securities issued in connection with the closing of the Private Placement will be subject to a four month hold period expiring on June 22, 2014.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Project, primarily for gold, silver and copper in the Province of San Juan, as well as advancing its La Rosita gold and silver project at the Deseado Massif - Santa Cruz Province, in the Republic of Argentina. The Company also holds a 100% owned portfolio of selected early stage prospects, approximately 60,000 hectares distributed within the Provinces of Santa Cruz, Chubut and Rio Negro, in the Republic of Argentina.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's TSXV Filing Statement dated April 27, 2011 under the heading "Risk Factors" as available on www.sedar.com. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by 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.