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Champion Bear Provides Update on Equity Offering and Announces Conditional Approval of Expedited Acquisition
Calgary, Alberta--(Newsfile Corp. - July 21, 2022) - Champion Bear Resources Ltd. (TSXV: CBA)...
About this update from Champion Bear Resources Ltd.
[{"type":"text","content":"Champion Bear Provides Update on Equity Offering and Announces Conditional Approval of Expedited AcquisitionCalgary, Alberta--(Newsfile Corp. - July 21, 2022) - Champion Bear Resources Ltd. (TSXV: CBA) (\"Champion Bear\" or the \"Company\") announced today that it is nearing completion of a private placement, subject to final approval of the TSX Venture Exchange, for 781,609 common shares of the Company at a price of $0.10875 per share for total gross proceeds of $85,000. This placement is to John E Squarek, a director of the company. This is an update to the Company's November 24, 2021 news release with respect to this private placement.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. Champion Bear is also pleased to announce that it has received the TSX Venture Exchange's conditional approval for the Company's previously announced expedited acquisition application (the \"Application\") with the TSX Venture Exchange (the \"TSXV\"). The Application was made in connection with the Company's option to re-acquire a 100% interest in certain mining claims in the Kenora area of Ontario. These claims, if acquired by the Company, relate to all the claims for its core Eagle Rock property. This option was granted to the Company by two arm's length parties (together, the \"Optionor\") in November of 2021 and pursuant to its terms the Company has provided the Optionor with a non-refundable payment of $20,000 and has agreed to make additional payments totaling an aggregate of $96,000 over the course of the next four years and issue the Optionor 400,000 common shares of the Company at a deemed price per share of $0.10875 upon completion of the acquisition. When these terms are met, the Company will have earned a 100% interest in these claims. The Company at its sole discretion may make any of the payments and issuance of shares on dates that are earlier in time than noted above. As part of the agreement with this option, Champion Bear will pay a 1.5% net smelter royalty in the event the Compan...