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Conway Resources Inc. Announces Completion Of Private Placement of $393,750


QUEBEC: Conway Resources Inc. (TSX VENTURE: CWY) (“the Company”) has completed a private financing with accredited investors. At closing, Conway has issued 21 Units A and 75 Units B, representing total subscription proceeds of $393,750.

Each Unit A, at $15,000 each, is composed of 62,500 flow-through shares of the Company at a price of $0.24 per share and each Unit B, at a price of $ 1,050 each, is composed of 7,000 common shares of the Company at a price of $0.24 each and of 7,000 share purchase warrants. Each warrant gives the holder the right to purchase one additional common share of the Company at a price of $0.20 per share for a period of 24 months from the closing date. A commission of 10% of the proceeds has been paid to Francois Simard, of Montreal, acting as intermediary for this placement.

The proceeds from flow-through shares, for an amount of $315,000, will be incurred by the Company in exploration work (CEE) on the Conway-Paquin Property before December 31, 2008.

Following this private placement, the Company will issue a total of 1,837,500 common shares and 525,000 share purchase warrants; those titles are subject to a resale restriction of 4 months from the closing date. After that financing, the Company will have 18,174,505 common shares issued and outstanding, of which 2,247,610 are escrowed.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.


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