QUEBEC CITY -- (Mar 11, 2015) -
Clifton Star Resources Inc. ("Clifton Star" or the "Corporation") (TSX VENTURE:CFO) (FRANKFURT:C3T) is pleased to announce that, further to its press release dated March 2, 2015, the Corporation received final TSX-V Exchange approval and effective March 2, 2015 completed two separate non-brokered private placements issuing a total of 9,545,572 common shares to two placees at a price of $0.60 per common share for total proceeds of C$5,727,343.20.
All common shares issued pursuant to the private placements are subject to a four month and one day hold period in accordance with applicable Canadian securities laws, which expires on July 3, 2015. Each of the placees also contractually agreed to a two-year hold period on the shares issued under the private placements that runs from the date of closing to March 2, 2017, which hold period will automatically terminate upon the occurrence of various customary events.
The net proceeds of the private placements will be used for working capital and general corporate purposes. No finder's fees or commissions were payable in connection with the private placements. Concurrently with the private placements, Clifton Star also settled all prior claims and proceedings with
Osisko Mining Corp. (now Canadian Malartic Corporation).
Please refer to the Corporation's March 2, 2015 press release for further details concerning the private placements and the settlement with Canadian Malartic Corporation.
Additional Information
Additional information is also available on Clifton Star's website at www.cfo-star.com
Neither the TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including any information as to our future exploration, financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, including the possibility that drill programs will not yield the expected results. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Clifton Star Resources to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Company's most recent Form 20-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
Contact
Clifton Star Resources Inc.
Michel F. Bouchard, President and CEO
418-914-9922
mbouchard@cfo-star.com
www.cfo-star.com
