Anconia Announces First Closing of Private Placement

TORONTO, ONTARIO--(Marketwired - March 5, 2015) -

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Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia") is pleased to announce that it has closed the first tranche of the private placement offering (the "Offering") previously announce on February 19, 2015. In this first closing, Anconia has raised gross proceeds of $300,000 on the terms of the Offering, which are summarized below.

It has applied for and received conditional approval from the TSX Venture Exchange (the "TSXV") for a waiver from the $0.05 minimum price requirement. Under the terms of the proposed Offering, Anconia would issue up to 20,000,000 units ("Units") for gross proceeds of up to $400,000. The Units would be issued at $0.02 per Unit. Any securities issued under the Offering would be subject to a statutory hold period for four months and one day from the date of issuance.

Each Unit consists of one common share of Anconia and one common share purchase warrant (a "Unit Warrant"). Each Unit Warrant entitles the holder to purchase one common share of Anconia at a price of $0.05 per share for a period of 36 months following the date of issuance.

The aggregate proceeds raised under the Offering will be used for working capital purposes and for further exploration work on Anconia's Grenfell property. Any additional proceeds will be used primarily for further exploration on Anconia's Grenfell property and Anconia may use up to 20% of the gross proceeds for fees or salary to management. No other payments would be made to related parties apart from this amount.

Anconia is continuing to receive interest in this financing, however, closing of the second tranche of the Offering is subject to receipt by Anconia of final acceptance from the TSXV, under the TSXV's private placement rules.

Anconia may pay commissions of up to 8% in cash and 8% compensation warrants in connection with the offering. Each compensation warrant will entitle the holder to purchase a unit comprised of 1 common share at an exercise price of $0.05 per compensation warrant and be exercisable for 36 months.