Churchill Resources Announces Closing of First Tranche of Private Placement and Upsize to up to $2.6 Million

About this update from Churchill Resources Inc

[{"type":"text","content":" TORONTO, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Further to its news release dated October 11, 2023, Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce the closing of tranche one of its previously announced non-brokered private placement (the “Private Placement”) consisting of the sale of 12,000,000 units of the Company (“Units”) at a price of $0.05 per Unit for gross proceeds of $600,000. Each Unit was comprised of one common share of Churchill (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one Common Share at a price of $0.15 at any time prior to the date which is two years following the completion of the Private Placement. The Company also announces the upsize of the Private Placement by $100,000 to a total of up to $2,600,000. The second and final tranche of the Private Placement is expected to close in early November. The Company intends to use the proceeds from the Private Placement for exploration activities on the Company's key projects located in Newfoundland and Labrador and general corporate purposes. The securities issued pursuant to the closing of tranche one of the Private Placement are subject to a statutory hold period of four months and one day. Mr. Paul Sobie, the Chief Executive Officer and a director of Company purchased 2,000,000 Units pursuant to the Private Placement. Participation by Mr. Sobie in the Private Placement was considered a “related party transaction” pursuant to Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with Mr. Sobie’s participation in the Private Placement in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report in connection with the participation of Mr. Sobie in the Offering will be filed less than 21 days in advance of the closing of the Private Placement, which the Company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner. About Churchill Resources Inc. Churchill Resources Inc. is a Canadian exploration company focused on...

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