MONTREAL, QUEBEC--(Marketwire - March 19, 2013) - Critical Elements Corporation (TSX VENTURE:CRE)(OTCQX:CRECF)(FRANKFURT:F12) is pleased to announce that it has closed the second tranche of a non-brokered private placement, for an amount of $604,000.
The Company has issued 3,020,000 units of common shares at a price of $0.20 per share for gross proceeds of $604,000. Each unit consists of one common share priced at $0.20 and one half of one purchase warrant. Each whole purchase warrant entitles the holder thereof to purchase one common share of the Corporation for a period of 36 months at a price of $0.375 per share.
In respect to the second tranche of the private placement, the Company paid $31,780 in Finders Fees. The amount of Finders fees paid on the first tranche of the private placement is $17,080 and not $2,800 as mentioned in the press release dated February 27, 2013.
Under applicable securities legislation and policies of the TSX Venture Exchange, the securities issued or issuable in the private placement are subject to a hold period of four months.
The proceeds of this private placement will be used for working capital and to pursue the feasibility study.
The private placement is subject to regulatory approval.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) responsibility for the adequacy or accuracy of this release.