Business
Champion Bear Completes Equity Offering
Calgary, Alberta--(Newsfile Corp. - September 14, 2022) - Champion Bear Resources Ltd. (TSXV:...
About this update from Champion Bear Resources Ltd.
[{"type":"text","content":"Champion Bear Completes Equity OfferingCalgary, Alberta--(Newsfile Corp. - September 14, 2022) - Champion Bear Resources Ltd. (TSXV: CBA) (\"Champion Bear\" or the \"Company\") announced today that it has completed its previously announced private placement of 781,609 common shares of the Company at a price of $0.10875 per share for total gross proceeds of $85,000. This placement was to John E Squarek, a director of the company.Champion Bear intends to use the proceeds of the offering for general corporate purposes. All securities issuable under the private placements will be subject to a hold period of four months and one day from the closing date.The Company intends to address its current working capital deficiency by conducting additional equity offerings subject to favorable market conditions during the second half 2022. The issuance of common shares to Mr. Squarek pursuant to this private placement will be considered a related party transaction within the meaning of TSXV Policy 5.9 and MI 61-101. Champion Bear intends to rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(c) and 5.7(b) of MI 61-101 in respect of such insider participation on the basis that neither the fair market value of the securities to be distributed in the private placement nor the consideration to be received for those securities, in so far as the private placement involves the insider, exceeds $2,500,000. This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. About Champion BearChampion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The Company's primary targets are platinum group metals, precious metals, and polymetallic base metals deposits. Champion Bear's aim is to create shareholder value through selective property acquisition followed by focused exploration emphasizing drilling. The Company has assembled a...