Re: Perhaps....
in response to
by
posted on
Oct 05, 2010 10:57AM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
According to the June 30, 2010 news release the company has $35 million in new cash. I don't think that we are anywhere near out of cash today.
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TORONTO, ONTARIO--(Marketwire - June 30, 2010) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Crystallex International Corporation (TSX:KRY)(NYSE Amex:KRY) announced today that it has completed its previously announced financing of 70,000,000 units (the "Units") at C$0.50 per Unit (the "Offering Price") for gross proceeds of C$35,000,000. Each Unit consists of one common share (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant") of the Company. Each Warrant entitles the holder to acquire one Common Share at a price of C$0.70 until June 30, 2011. The Units were sold on a bought deal basis by a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd., and including GMP Securities L.P. (the "Underwriters").
The Company has granted the Underwriters an over-allotment option to purchase up to an additional 10,500,000 Units and/or up to an additional 5,250,000 Warrants, exercisable at any time prior to the date that is 30 days following the closing of the offering. If this option is exercised in full, the gross proceeds to Crystallex would increase to C$40,250,000.
Crystallex intends to use the net proceeds from the offering for Las Cristinas project related expenses, debt service and for general working capital purposes.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and these securities may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, a U.S. person (as defined in Regulation S under the U.S. Securities Act) without registration under the U.S. Securities Act and any applicable state securities laws unless an exemption from registration is available. This news release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.