Business
Champion Bear completes final closing of equity offerings
Champion Bear completes final closing of equity offerings.
About this update from Champion Bear Resources Ltd.
[{"type":"text","content":"\n\n\n\n(TSX Venture: CBA)\n\n\nCALGARY, Oct. 22 /CNW/ - Champion Bear Resources Ltd. ("Champion Bear")\nannounced today that it has completed the second and final traunche of the\nequity offerings announced on September 6, 2007, issuing 200,000 common shares\nof the company at a price of $0.50 per share for total gross proceeds of\n$100,000. The total equity offerings resulted in the issued by Champion Bear\nof 473,334 flow-through common shares at a price of $0.60 per share and\n1,720,000 common shares at a price of $0.50 per share for total gross proceeds\nof $1,144,000.\n\n\nChampion Bear intends to use the bulk of the equity offerings proceeds\nfor its exploration programs on its Plomp Farm and Eagle Rock Cu-Au-PGE\nProperties located near Dryden, Ontario and its Iron Mask Property located in\nSudbury, Ontario and for general corporate purposes. Work at the Plomp Farm\nProperty will include drilling 1,000 metres to complete detailed drilling of\nthe areas of higher grade gold mineralization within the main zone.\nExploration work at Eagle Rock includes a new geophysical magnetic and IP\nsurvey and field mapping to assist in the preparation of 3D modeling of the\nmineralization. In the Sudbury area, work at Iron Mask includes, detailed\nfield mapping to further test areas of anomalous Cu mineralization outlined on\nthe southern grid area in 2004. Joe Hinzer, P. Geo., a qualified person, of\nWatts, Griffis and McOuat Limited, Champion Bear's consulting geologists, will\nbe overseeing the exploration programs.\n\n\nThe common shares issued by Champion Bear pursuant to the second traunche\nof the private placement are subject to a four month hold period and are\nsubject to restrictions on resale prior to February 23, 2008.\n\n\nChampion Bear is a mineral exploration company focused exclusively on the\nhistorically prospective regions of Ontario. The company's primary target is\nplatinum group and precious metals and to a lesser extent polymetallic base\nmetal and pegmatite-hosted tantalum deposits. Champion Bear's aim is to create\nshareholder value through selective property acquisition and joint venture\nfollowed by focused exploration emphasizing drilling. The company has\nassembled a large land position in the Dryden and Sudbury areas, totaling over\n16,000 hectares.\n\n\nThis press release contains a forward-look...