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Churchill Resources Announces Private Placement of up to C$1.5 Million
TORONTO, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce a non-brokered private pla
About this update from Churchill Resources Inc
[{"type":"text","content":" TORONTO, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce a non-brokered private placement (the “Offering”) for gross proceeds of up to C$1,500,000 from the sale of any combination of units of the Company (each, a “Unit”) at a price of C$0.28 per Unit and flow-through units of the Company (each, a “FT Unit”) at a price of C$0.31 per FT Unit. Red Cloud Securities Inc. is acting as a finder in connection with the Offering. Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each FT Unit will consist of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) and one half of one Warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.42 for a period of 24 months the closing date of the Offering. The Company intends to use the proceeds of the Offering for the exploration of the Company’s key projects and for general working capital purposes. The gross proceeds from the issuance of the FT Shares will be used for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)) (the “Qualifying Expenditures”), which will be renounced with an effective date no later than December 31, 2021 to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Units for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures. The closing of the Offering is expected to occur on or about December 21, 2021 and is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange (“TSXV”). Finder’s fees on the sale of the Units and FT Units will be payable in accordance with the policies of the TSXV. The Unit Shares, FT Shares, Warrant Shares and any common shares of the Company that are issuable from any finder’s warrants will be subject to a hold period of four months and one day following the clo...