Contact Exploration Inc. has closed its previously announced non-brokered private placement (the "Private Placement") of 20,000,000 common shares in the capital of the Company, issued on a "flow-through" basis pursuant to the Income Tax Act (Canada). The Flow-Through Shares were issued to a private investor at a price of $0.15 per share for aggregate proceeds of $3,000,000.

Following the Private Placement, the private investor now holds 29,000,000 common shares of Contact, representing 13.52% of the issued and outstanding common shares of the Company.

Tags: Contact Exploration Inc.