Centurion closes 2nd tranche of private placement

Canadian-based company Centurion Minerals Ltd. has finalized the second tranche of its brokered private placement and issued 625,000 common share units, bringing the total gross proceeds of the financing to $1.25 Million.

The company said on its press statement on Thursday that the second tranche consisted of 625,000 Units priced at $0.40 for total gross proceeds of $250,000.

Each Unit consists of one common share and one half warrant. Each whole warrant is exercisable for one common share at $0.55 for a period of eighteen months following the closing. The units are subject to a hold period which expires in May 2012.

The Company paid Agent fees of $20,000 and issued 62,500 non-transferrable Agent's warrants. Agent's warrants are exercisable into Units at $0.55 on the same terms as those issued pursuant to the private placement.

Proceeds from this financing will be used for exploration and drilling programs on the Company's Banda Raya property in Aceh Province, Northern Sumatra, and for general working capital purposes.

Edited by Benget Besalicto Tnb.