Crestview Exploration Inc (CSE:CRS) told investors that it has closed the second tranche of its non-brokered private placement in the aggregate amount of $48,500 by issuing 485,000 units at $0.10 per unit.
The company noted that each unit consists of one common share and one share purchase warrant, with each warrant exercisable into an additional share for $0.20 for two years from the date of issuance.
Crestview said it intends to use the proceeds of the offering for expanded geophysical surveying, claim expansion and general corporate purposes.
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The company said it will pay $1,800 in cash and issue 18,000 warrants as compensation to qualified finders as part of the offering. Each warrant is exercisable at $0.20 for two years from the date of issuance.
The securities issued under the offering will have a hold period expiring four months and one day from the date of issuance under applicable Canadian securities laws. It said the closing of the second tranche is subject to Canadian Securities Exchange approval.
Crestview Exploration is focused on the exploration and development of its portfolio of gold and silver properties located in prolific mining districts of Nevada.
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