Contact Exploration Inc. has closed its previously announced non-brokered private placement (the "Private Placement") of common shares in the capital of the Company, to be issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) ("Flow-Through Shares"). Contact issued an aggregate of 5,555,556 Flow-Through Shares in the Private Placement, at a price of $0.36 per Flow-Through Share for aggregate gross proceeds of $2,000,000.16.
Contact expects to use the proceeds of the Private Placement to incur eligible Canadian Exploration Expenses to fund its ongoing capital programs prior to December 31, 2014. These qualifying Canadian Exploration Expense expenditures will be renounced to subscribers effective December 31, 2013.
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Contact Exploration Inc.
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