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Message: Intends to Complete Private Placement of Units and Provides Other Update
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Intends to Complete Private Placement of Units and Provides Other Update

posted on Apr 22, 2009 08:18AM
April 22, 2009
Continental Precious Minerals Intends to Complete Private Placement of Units and Provides Other Update
TORONTO, ONTARIO--(Marketwire - April 22, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Continental Precious Minerals Inc. (TSX:CZQ) (Continental) intends, subject to stock exchange and board approvals, to complete a private placement of up to 4 million units to raise gross proceeds of up to $2 million. It is contemplated that each unit would consist of one common share and one common share purchase warrant for the purchase of an additional common share at an exercise price of $0.75 per share exercisable for three years. Completion of the private placement is subject to stock exchange and board approvals. Continental has 47, 393,211 common shares issued and outstanding as of the date hereof.

Continental's shareholder rights plan, which was adopted by Company's board of directors on November 7, 2008, will expire in accordance with its terms on May 7, 2009. The continuation of the rights plan past May 7, 2009 was conditional on the rights plan being confirmed at a meeting of the company's shareholders held on or prior to that date. The board of directors has determined that the benefits of the continuation of the rights plan are outweighed by the costs of holding a special meeting of shareholders.
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