Business
Champion Bear completes 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, June 26 /CNW/ - (TSX Venture: CBA), Champion Bear Resources Ltd.\n("Champion Bear" or the "Company") announced today that it has completed the\nprivate placement of 200,000 common shares at a price of $0.50 per share and\n100,000 flow-through common shares at a price of $0.60 per share for total\ngross proceeds of $160,000.\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 five\nholes (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 exploration programs.\n\n\nAll of the common shares and flow-through common shares issued by\nChampion Bear pursuant to the private placement are subject to a hold period\nand restrictions on resale prior to October 27, 2008.\n\n\nThis news release shall not constitute an offer to sell or the\nsolicitation of any offer to buy the securities in any jurisdiction. The\nsecurities offered have not been and will not be registered under the United\nStates Securities Act of 1933, as amended (the "U.S. Securities Act"), and may\nnot be offered or sold within the United States or to, or for the account or\nbenefit of, U.S. persons except in certain transact...