Constantine Metal Resources Ltd. (TSX Venture- CEM) (“Constantine” or the “Company”) is pleased to announce that its non-brokered unit private placement closed on July 3, 2008 and the Company has issued 2,222,444 units at a price of $0.45 per unit for gross proceeds of $1,000,100. The units consist of one share and one warrant, each warrant entitling the holder to purchase one additional share of the Company at a price of $0.65 per share for a period of 12 months.
In addition the Company has issued 38,900 shares and 33,310 warrants to a finder. The finder’s warrants have the same terms as the warrants issued pursuant to the financing.
The securities are subject to a four-month plus one-day hold period from July 3, 2008 in accordance with applicable securities laws.
The proceeds from the sale of the units will be used to fund exploration work on the Company’s Palmer Project in Alaska.
The Company’s Palmer project is a world class base metal exploration opportunity in a very accessible part of southeast Alaska. Constantine also owns 100% of the Croesus Gold property, including the former Croesus Gold mine, consisting of 22 patented mining claims and leases (416 hectares), located 90 kilometers east of Timmins, Ontario and within the influence of the prolific Porcupine-Destor Deformation zone (PDDZ) that stretches between Timmins Ontario and Val’Dor Quebec.
Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
Aris Morfopoulos, Chief Financial Officer
Telephone: (604) 629-2348
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The news release includes certain “forward-looking statements”. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of Constantine are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Constantine’s expectations are exploration risks detailed herein and from time to time in the filings made by Constantine with securities regulators.