Continential Precious Minerals Inc. (fka CTPMF)

[million]

Continental Precious ups financing goal to $16-million


2006-11-14 12:38 ET - News Release

Mr. Ed Godin reports

CONTINENTAL PRECIOUS MINERALS ANNOUNCES FURTHER INCREASE TO MAXIMUM SIZE OF EQUITY FINANCING

Continental Precious Minerals Inc. has agreed to further increase the size of the option granted to the agents to increase the size of the offering first announced in Stockwatch on Oct. 4, 2006, by an additional 769,231 units. If the option to increase the size of the private placement is exercised in full, the company would issue a total of 12,307,693 units at $1.30 per unit for gross proceeds of approximately $16-million. Each unit will consist of one common share of the company and one-half of one warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $1.75 and will expire 24 months after the closing. As announced in earlier press releases, Max Capital Markets Ltd. will act as lead agent on a best-efforts basis in the private placement.

The private placement is expected to close on or about Nov. 21, 2006. Completion of the private placement is subject to certain conditions, including, but not limited to, satisfactory due diligence, the execution of an agency agreement, the execution of subscription agreements with the subscribers and the receipt of all necessary regulatory approvals. The securities issued will be subject to a four-month hold period from the date of closing.