Press Releases Crown Point Announces Closing of Second Tranche of Private Placement
2010 Press Releases
June 1, 2010
CALGARY, ALBERTA, Jun 01, 2010 (MARKETWIRE via COMTEX) — Crown Point Ventures Ltd. (“Crown Point”) (CWV) is pleased to announce the second closing of the non-brokered private placement financing announced by press release dated April 26, 2010, with the initial closing having occurred on May 5, 2010 (4,289,334 units for gross proceeds of $3,217,000). The second closing consisted of the sale of 1,567,516 units at $0.75 per unit, for gross proceeds of $1,175,637. Each unit consisted of one common share and one-half (1/2) of one Series A warrant, each whole Series A warrant exercisable at $1.00 until May 31, 2012 (subject to potential earlier expiry as disclosed in Crown Point’s April 26, 2010 press release), with each Series A warrant to be replaced upon exercise with a Series B warrant, details of which were also disclosed in the April 26, 2010 press release.
In conjunction with the second closing, Crown Point has issued the following consideration to various finders:
(a) 17,700 finder units, each having the same terms and conditions as the units sold under the private placement; and
(b) 26,720 finder options, entitling the holders to purchase up to 26,720 finder units.
All of the securities issued in connection with the second closing, including the securities issued to various finders, are subject to a hold period in Canada until October 1, 2010.
ABOUT CROWN POINT
Crown Point Ventures Ltd. is an oil and gas development company with production in Argentina. Two of Crown Point’s three wells drilled in the San Jorge Basin (Santa Cruz, Argentina) are currently in production, with a three well program planned in 2010 to expand production and follow up discovery data gained in the first drilling program.
This news release contains certain forward-looking statements, which are based on numerous assumptions including but limited to (i) drilling success; (ii) production; (iii) future capital expenditures; and (iv) cash flow from operating activities. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.
Certain information regarding Crown Point set forth in this document, including management’s assessment of Crown Point’s future plans and operations, number, type and timing of wells to be drilled, the planning and development of certain prospects, production estimates, and expected production growth may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Crown Point’s control, including without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, environmental risks, inability to obtain drilling rigs or other services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, Argentina, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, and stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof. Readers are cautioned that the foregoing list of factors is not exhaustive. Crown Point’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
Additional information on these and other factors that could affect Crown Point’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibiltiy for the adequacy or accuracy of this press release.
Crown Point Ventures Ltd.
President & CEO
Crown Point Ventures Ltd.
Arthur J.G. Madden
Vice-President & CFO
Crown Point Ventures Ltd.
Manager Investor Relations
SOURCE: Crown Point Ventures Ltd.
For further information concerning the Company, please contact us directly.