Business
Champion Bear completes $1 million equity offering with MineralFields
/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, July 18 /CNW/ - (TSX Venture: CBA), Champion Bear Resources Ltd.\n("Champion Bear" or the "Company") announced today that it has completed the\nprivate placement to the MineralFields Group of 1,666,665 flow-through common\nshares at a price of $0.60 per share for total gross proceeds of $1,000,000.\n\n\nChampion Bear intends to use the proceeds of the offering 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 diamond drilling of up to 10,000 metres. In the\nSudbury area, work at Iron Mask includes the follow-up of recent IP anomalies\nwhich are coincident with surface outcroppings of Cu bearing Sudbury breccia\nby drilling three to five holes (up to 1,500 metres) to test the main targets\nand the completion of additional detailed surface surveys in the area. Joe\nHinzer, P. Geo., a qualified person, of WGM, Champion Bear's consulting\ngeologists, will be overseeing the exploration programs.\n\n\nIn connection with the private placement, Champion Bear paid Limited\nMarket Dealer Inc. a finder's fee of $100,000.\n\n\nAll of the flow-through common shares issued by Champion Bear pursuant to\nthe private placement are subject to a hold period and restrictions on resale\nprior to November 19, 2008.\n\n\nRichard Kantor, Chairman and President of Champion Bear, commented, "We\nare very pleased to have completed this private placement to the MineralFields\nGroup as it will provide our company with the funds to continue with the\nongoing exploration of our wholly-owned Eagle Rock and Iron Mask properties."\n\n\nAbout MineralFields, Pathway and First Canadian Securities (R)\n\n\nMineralFields Group (a division of Pathway Asset Management) is a\nToronto-based mining fund with significant assets under administration that\noffers its tax-advantaged super flow-through limited partnerships to investors\nthroughout Canada during most of the calendar year, as well as hard-dollar\nresource limited part...