CENTURION CLOSES $292,000 PRIVATE PLACEMENT
Vancouver, B.C., November 16, 2018. CENTURION MINERALS LTD. (CTN: TSX-V) (“Centurion” or the “Company”) announces that its non-brokered private placement, initially estimated at up to $275,000 and priced at $.02/Unit, has been oversubscribed and the Company has closed a first tranche in the amount of $292,000 and issued 14,600,000 Units. Each Unit consists of one common share and one common share purchase warrant exercisable for 2 years and priced at $.05.
Shares issued will be subject to a four-month hold period expiring on March 17, 2019. Finders fees of $4,200 and 210,000 broker warrants, having the same terms as the subscribers have been issued.
As news released on October 24, Centurion expanded the private placement and has received conditional approval from the TSX Venture Exchange to raise up to $320,000. The Company anticipates completing the remaining amount shortly.
Proceeds from this financing are estimated to be used by the Company as follows:
Operating capital-Ana Sofia Project- $75,000;
Audit fees – $51,000;
legal fees- $15,000;
office overhead- $21,000;
promissory notes interest- $50,000;
management and administration- $15,000;
regulatory filing fees-$3,000;
working capital- $42,000.
ABOUT THE ANA SOFIA PROJECT
The Ana Sofia Project includes an agri-gypsum open pit mine and processing facility having a current design capacity of 4,000 tonnes/month. Gypsum is extracted from near-surface, flat-lying beds within the sedimentary formation that extends throughout the Ana Sofia Property, located in Santiago del Estero Province, Argentina. The gypsum rock is fed into primary and secondary crushers, then screened and sorted into two agri-gypsum fertilizer products. The plant is designed to produce a pellet-sized granular product and a fine powder product (comprised of a minimum 85% gypsum content) that are each packaged into one tonne tote bags. Agricultural gypsum (calcium sulfate dihydrate) is a valuable plant nutrient and plays a vital role in maintaining soil structure and nutrient balance in South American soils, resulting in enhanced crop yields.
The Project comprises two mining concessions totalling 50 hectares (ha) in size within a larger (approximately 600 ha) exploration permit area. The Project is well situated within a region where other small producers are currently extracting agricultural gypsum and selling to fertilizer distributors and farmers. An initial inferred gypsum resource for the Project was estimated (news releases – October 31, 2016 and December 16, 2016) to comprise 1.47 million tonnes averaging 94.1% gypsum, using an 85% cut-off grade that is the minimum required gypsum content for commercial-quality agricultural gypsum products in Argentina.
For additional updates, follow our operations at:
Centurion Minerals – Twitter Account and Demetra Fertilizantes – Instagram Account
Centurion Minerals Ltd. is a Canadian-based company with an international focus on the development of agri-mineral fertilizer projects. For additional information on the Ana Sofia project and applications of agri-gypsum, visit our website: www.centurionminerals.com
“David G. Tafel”
President and CEO
For Further Information Contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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