Centurion closes the 2.5 million units private placement

Canadian mineral exploration firm Centurion Minerals Ltd. said that it had closed the first tranche of its brokered private placement for total gross proceeds of $1 million.

The company announced on Friday that the first tranche, which was announced on November 25, 2011, consisted of 2,500,000 units priced at $0.40 for total gross proceeds of $1,000,000.

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 April 2012.

According to the company, it has paid Agent fees of $59,600 and issued 186,250 non-transferrable Agent's warrants. The warrants are exercisable into Units at $0.55 on the same terms as the placees.

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