CFI Closes Private Placement to Extend Drilling at Grebes Nest

TSX Venture Exchange
Trading Symbol:
CFI (TSX-V)
CNDFF (OTC)

ST. JOHN'S, NL, Aug. 9, 2013 /CNW/ - Canada Fluorspar Inc. (TSX-V:CFI) ("CFI" or the "Company") is pleased to announce that the Company has closed a non-brokered private placement of 1,510,526 flow-through common shares (the "Flow-Through Shares") at a price of $0.19 per Flow-Through Share for gross proceeds of $286,999.94. Each Flow-Through Share is equal to one (1) common share in the capital of the Company and is issued on a flow-through basis.

"Based on positive results of the current drilling program at Grebes Nest, we have decided to extend the drilling and keep the drill rig on site," Lindsay Gorrill, President and CEO of the Company, said. "We are also targeting a National Instrument 43-101 compliant technical report on this site."

The Company paid finder's fees of 6% in cash to certain introducing parties on the gross proceeds of the private placement attributable to the purchases made by purchasers introduced by such parties. Finder's fees totaling $17,220.00 have been paid with respect to this private placement.

All of the Flow-Through Shares issued pursuant to the private placement are subject to a four-month and one day hold period expiring on December 10, 2013.

The gross proceeds from the Flow-Through Shares will be used for the Company's continued exploration activities on the Director and Grebes Nest Veins and other fluorspar properties located on the Company's 100% owned mineral properties at St. Lawrence, Newfoundland.

About the Company

The Company is a specialty mineral resource company engaged in the development of fluorspar deposits located in St. Lawrence, Newfoundland, Canada, and is reactivating the existing Blue Beach North and Tarefare underground fluorspar mines, expanding the existing mill, constructing a new, environmentally-sound Tailings Management Facility through Newspar, which it's a 50/50 joint venture with Arkema. The Company is also building a new deep-water marine terminal in the outer St. Lawrence Harbour for the export of fluorspar concentrate product.

For more information please see: www.canadafluorspar.com

Neither 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.

SOURCE: Canada Fluorspar Inc.

Lindsay Gorrill, President and CEO
Canada Fluorspar Inc.
Tel: [phone]
[email protected]