Cleghorn Minerals Ltd. Closes Initial Public Offering
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
CLEGHORN MINERALS LTD.
152 Chemin de la Mine École Val-d'Or, QC J9P 7B6
FOR IMMEDIATE RELEASE TSX-V: JZZ.P
CLEGHORN MINERALS LTD. CLOSES INITIAL PUBLIC OFFERING
Val-d’Or, Québec– November 10, 2010 – Cleghorn Minerals Ltd. (the “Company”) announces that it has today closed its initial public offering. The offering consisted of 2,800,500 common shares at a price of $0.20 per share for gross proceeds of $560,100. Raymond James Ltd. (“Raymond James”) acted as agent for the offering and received a cash commission of 10% of the gross proceeds of the offering and a corporate finance fee of $12,000 plus applicable taxes, plus reimbursement for its expenses in connection with the offering. In addition, the Company has granted Raymond James an option to acquire up to 280,050 common shares of the Company at a per share price of $0.20 exercisable for a period of 24 months from the date the Company’s common shares are listed on the TSX Venture Exchange. A director of the Company participated in the offering, having purchased 10,000 common shares of the Company.
The TSX Venture Exchange has approved listing of the Company’s common shares and has advised that trading will commence on Tuesday, November 16, 2010 under the symbol “JZZ.P”.
Pursuant to section 11.2 of National Instrument 51-102, the Company hereby gives notice that it has become a venture issuer.
For additional information, please contact:
Glenn Mullan, President, Chief Executive Officer, Secretary and Director Telephone: (819) 824-2808
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 news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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