LONDON, June 9, 2005 (PRIMEZONE) -- Crew Gold Corporation ("Crew") (TSX:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRUGF) is pleased to announce that it has received private placement subscriptions for 17.6 million common shares at NOK 8.2 per share (approximately CDN$ 1.60) for aggregate gross proceeds of NOK 144.3 million (approximately CDN$ 28.1 million).
The private placement was directed toward a limited group of institutional investors. The closing of the private placement is expected to occur between June 24 and June 28, 2005, and is subject to receipt of all applicable regulatory approvals.
The proceeds from the private placement will be used for funding of Crew's expansion and to increase the Company's financial flexibility. Crew's advisors and placement agents for the private placement are First Securities and Pareto Securities/Pareto Private Equity.
Jan A Vestrum
President & CEO
This news release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact, included in this release, and/or statements made by company officers or directors at any given time, as well as Crew's future plans are such 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. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Crew does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change.
For more information please contact our U.K. Head Office (TEL +44 -1932 268755) or by email to enquiries@crewgold.com. For more information about Crew, additional contact information or to subscribe to future news releases, please visit our new Web site www.crewgold.com.