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Churchill Resources Announces Upsizing of Brokered Private Placement to up to C$3.5 Million
TORONTO, March 11, 2022 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that due to significant i
About this update from Churchill Resources Inc
[{"type":"text","content":" TORONTO, March 11, 2022 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that due to significant investor demand, the Company and Red Cloud Securities Inc. (“Red Cloud”), as lead agent and sole bookrunner on behalf of a syndicate of agents that includes Canaccord Genuity Corp. (collectively, the “Agents”), have agreed to increase the maximum gross proceeds of the Company’s previously announced best efforts, private placement (the “Offering”) from C$2,500,000 to C$3,500,000 from the sale of any combination of the following: units of the Company (each, a “Unit”) at a price of C$0.32 per Unit, subject to the minimum sale of 1,562,500 Units for gross proceeds of C$500,000 from the sale of Units; and flow-through units of the Company (each, a “FT Unit”) at a price of C$0.35 per FT Unit. The Units and FT Units shall collectively be referred to as the “Offered Securities”. 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 shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.48 at any time on or before that date which is 24 months after the closing date of the Offering. If the closing price of the Company’s common shares on the TSX Venture Exchange (the “TSXV”) is equal to or greater than C$0.75 for a period of ten consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants such that the Warrants shall expire on the date which is 30 calendar days following the date a press release is issued by the Company announcing the accelerated expiration date of the Warrants. The Agents will have an option, exercisable in full or in part up to 48 hours prior to the closing of the Offering, to sell up to an additional C$500,000 in any combination of Offered Securities at the offering prices. 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 th...