MARCH 4TH, 2011 – MONTRÉAL, QUEBEC – Critical Elements Corporation (TSX.V: CRE) (US OTCQX: FGEXF) (FSE: F12) is pleased to announce that it has closed on a portion of a non-brokered private placement, for an amount of $1,077,900.
The Company has issued 3,592,999 units of common shares at a price of $0.30 per share for gross proceeds of $1,077,900. Each unit consists of one common share priced at $0.30 and half a warrant to purchase a common share of the Company. Each warrant entitles its holder to purchase one common share of the Company at $0.45 for a 12-month period after closing of the private placement.
The Company has paid $60,072 in commissions on the private placement, along with 200,240 compensation options, each entitling its holder to acquire one common share at $0.45 for a 12-month period after closing of the private placement.
The common shares are subject to a four-month hold period from the date of closing.
The Company is pursuing its efforts to complete this private placement for up to $2,000,000.
Proceeds of the private placement will be used for property development and/or worKing capital purposes.
Company insiders subscribe for 7% of the total amount of the financing.