Century Closes Financings (ccnm)
VAL D'OR, QUEBEC--(Marketwire - Sept. 15, 2011) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) announces that it has closed a private placement financing of 12,540,500 units (the "Units") of the Company, at a price of $0.20 per Unit, for gross proceeds of $2,508,100. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for one common share of the Company at $0.40 for 18 months from closing. With respect to this Unit private placement the Company paid cash commissions of $70,265 and issued 351,325 compensation options. The compensation options are exercisable for the purchase of Units of the Company for a period of 18 months following the closing date, at an exercise price equal to the Unit price.
The Company also announces that it has closed a private placement of 11,510,157 common shares of the Company issued on a "flow-through" basis at $0.23 per share for gross proceeds of $2,647,336. With respect to this flow-through share private placement the Company paid cash commissions of $156,312.
All of the securities issued under these private placements are subject to a four-month hold period. The proceeds from the Unit private placement will be used for the continuing commissioning of the Company's Lamaque Project in Val d'Or, Québec, Canada and for working capital purposes, while the proceeds of the flow-through share private placement will be used for to incur eligible Canadian Exploration Expenditures which will include exploration drilling at Lamaque and nearby resource properties.
About Century Mining Corporation
Century Mining Corporation is a Canadian gold producer and holds strategic land positions in Canada, the United States and Peru. The Company's strategy is to grow to its gold production through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
Daniel J. Major , President & CEO
