Business
Claim Post Resources Inc. Announces Completion of New Financing
Toronto, Ontario--(Newsfile Corp. - June 17, 2014) - Claim Post Resources Inc. (TSXV: CPS) (...
About this update from Canadian Premium Sand, Inc.
[{"type":"text","content":"\nClaim Post Resources Inc. Announces Completion of New FinancingToronto, Ontario--(Newsfile Corp. - June 17, 2014) - \nClaim Post Resources Inc. (TSXV: CPS) (the \"Company\") reports that it has completed its previously announced private placement financing, as described in its \nnews releases dated May 29, 2014, June 2, 2014 and June 11, 2014. The Company issued a total of 18,766,996 Units and 2,800,000 Flow-Through Units for total gross proceeds of $1,753,360 with each Unit consisting of one common share and one-half \nof one warrant and each Flow-Through Unit consisting of one flow-through common share and one-half of one warrant. Each whole warrant entitles the holder to purchase one common share at an exercise price of $0.12 per share for a period of 6 \nmonths from the date of issuance. \n\nIn connection with the closing of the financing, the Company paid total cash finder fees of $79,800 and issued a total of 973,875 finder warrants, with each finder warrant exercisable for one common share in the capital of the Company at the \nprice of $0.12 per share and expiring 6 months from the date of closing of the Offering. \n\nThe proceeds received from the Offering are being used or will be used: (1) to make the $350,000 Gossan payment (this payment to Gossan has been made as of the date of this release); (2) to carry out an additional 1,000 meter drilling program \ntowards completing a global resource estimation of the \"Seymourville Frac Sand Project\" in accordance with NI 43-101 rules (see April 29, 2014 Press Release filed on SEDAR, which highlighted a resource of 25 million tons of sand on 20% \nof the property; the independent, NI 43-101 Technical Report and Resource Estimate on the Seymourville Silica Sand Project, prepared by P & E Mining Consultants Inc. was filed on SEDAR on June 13, 2014); (3) to complete a scoping study on the \nproject (Preliminary Economic Assessment or PEA), which will give Claim Post the ability to test market selling frac sand; and (4) for general working capital purposes. \n\nThe President of Claim Post Resources, Charles Gryba, stated: \"We are now funded to complete the drilling program which should give us a reasonable global tonnage before the end of 2014. The SGS Lakefield metallurgical testwork is proceeding \nwell and we should have a range of API Testwork plus a process flow shee...