Crystallex Closes Private Placement

biz.yahoo.com Press Release Source: Crystallex International Corporation Wednesday March 5, 12:31 pm ET

TORONTO, March 5 /PRNewswire-FirstCall/ -- Crystallex International Corporation (Amex: KRY; Toronto) confirmed today that it has closed the private placement of 2,562,500 special warrants at a price of C$1.60 per special warrant raising gross proceeds of C$4.1 million. Each special warrant shall entitle the holder thereof, upon exercise and without payment of any additional consideration, to acquire one common share and one-half of one common share purchase warrant of Crystallex. Each whole purchase warrant is exercisable for one common share for a period of two years after issuance at a price of C$2.00 per share.

The securities have not been and will not be registered under the United States Securities Act of 1933 or the securities laws of any state, and may not be offered or sold in the United States or to US persons unless an exemption from registration is available.

Proceeds from the offering will be used by Crystallex to finance the continued development of its gold properties in Venezuela and for general working capital purposes.

About Crystallex:

Crystallex International Corporation is a Canadian based gold producer with operations and exploration properties in Uruguay and Venezuela. Crystallex shares are traded on the TSX and AMEX Exchanges and Crystallex is part of the S&P/TSX Composite Index, the most widely followed benchmark index in Canada.

Note: This news release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Crystallex, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with the Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities. The Toronto Stock Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this new release.

Visit us on the Internet: www.crystallex.com .

Source: Crystallex International Corporation