| August 16, 2010 Cliffmont Closes $1.7 Million Private Placement | |
| Vancouver, British Columbia - August 16, 2010 - Cliffmont Resources Ltd. (TSX-V - CMO) has completed its non-brokered private placement financing announced on June 17, 2010, as amended July 28, 2010, by issuing 6.8 million units at a price of $0.25 per unit for gross proceeds of $1,700,000. Each unit comprises one common share and one-half of one common share purchase warrant. Each full warrant will entitle the holder to purchase an additional common share of the Company for a period of two years from closing at a price of $0.40 per share. Finders' fees totalling $107,100 cash and 428,400 warrants were paid on this financing. All securities issued in connection with the financing are subject to a four-month hold period expiring December 12, 2010. The proceeds of this financing will be used to pursue acquisition and exploration of resource properties, and for corporate and administrative expenses and working capital. ON BEHALF OF THE BOARD "Jeff Tindale" Jeff Tindale, President and CEO Telephone: (604) 568-6894 Facsimile: (604) 568-6834 Website: www.cliffmontresources.com Email: info@cliffmontresources.com Forward Looking Statements. This Company news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. 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. | |
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