Business
Champion Bear announces shares for debt settlement and equity offerings
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Champion Bear Resources Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n\n\nDISSEMINATION IN THE UNITED STATES./\n\n\nCALGARY, May 5 /CNW/ - (TSX Venture: CBA), Champion Bear Resources Ltd.\n("Champion Bear" or the "Company") announced today that it has entered into a\ndebt conversion agreement with Watts, Griffis and McOuat Limited ("WGM"),\nChampion Bear's consulting geologists, pursuant to which it will issue an\naggregate of 1,000,000 common shares at a deemed price of $0.50 per share for\ngeological services in the amount of $500,000 rendered to Champion Bear. The\nshares for debt settlement is subject to the approval of the TSX Venture\nExchange.\n\n\nChampion Bear also announced that it intends to complete the following\nprivate placements, subject to receipt of all applicable regulatory approvals:\n\n\n(i) up to 2,000,000 common shares of the Corporation at a price of\n $0.50 per share for total gross proceeds of up to $1,000,000; and\n\n(ii) up to 2,000,000 flow-through common shares of the Corporation at a\n price of $0.60 per share for total gross proceeds of up to\n $1,200,000.\n\n\nChampion Bear intends to use the proceeds of the offerings for its\nexploration programs on its wholly-owned Eagle Rock Cu-Au-PGE Property located\nnear Dryden, Ontario and its wholly-owned Iron Mask Property located in\nSudbury, Ontario and for general corporate purposes. At the Eagle Rock\nProperty, Champion Bear intends to undertake a resource definition exploration\nprogram which will include the extension of the detailed surface mapping and\ngeophysical program, extensive surface trenching and diamond drilling of up to\n10,000 metres. The Company intends to complete its detailed data compilation\nand modeling program as soon as possible and will start additional surface\nstripping, channel sampling, trenching and structural mapping in parallel with\nthe definition drilling program. In the Sudbury area, work at Iron Mask\nincludes the follow-up of recent IP anomalies which are coincident with\nsurface outcroppings of Cu bearing Sudbury breccia by drilling three to\nfive holes (up to 1,500 metres) to test the main targets and the completion of\nadditional detailed surface surveys in the area. Joe Hinzer, P. Geo., a\nqualified person, of WGM, Champion Bear's consulting geologists, will be\noverseeing the e...