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Champlain Resources Inc. announces proposed Flow Through Private Placement and provides update on previously announced Financing
Champlain Resources Inc. announces proposed Flow Through Private Placement and provides update o...
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"\nChamplain Resources Inc. announces proposed Flow Through Private Placement and provides update on previously announced Financing\n\nChamplain Resources Inc. announces proposed Flow Through Private Placement and provides update on previously announced Financing\nCalgary, Alberta CANADA, August 29, 2011 /FSC/ - Champlain Resources Inc. (CPL - TSX Venture), (\"Champlain\" or the \"Company\") is pleased to announce a proposed non-brokered private placement for gross proceeds of up to $650,000 through the sale of up to 13,000,000 flow through units (the \"Units\") at a price of $0.05 per Unit (the \"Offering\").  \nEach Unit will consist of one (1) common share (\"Common Share\") in the capital of the Company issued on a flow through basis and one (1) Common Share purchase warrant (\"Warrant\").  Each Warrant will be exercisable for a period of one year (the \"Warrant Exercise Period\") following the issue date, and will entitle the holder to acquire one Common Share issued on a flow through basis at an exercise price of $0.15.\nFinder's fees, payable in cash at, and conditional upon, closing of the Offering, will be payable to arm's length finders or agents in an amount equal to 10.0% (inclusive of all applicable taxes) of the aggregate gross proceeds of the Offering raised by such finders or agents.\nIn the event that the volume weighted average closing market price of the Common Shares during any consecutive ten (10) trading day period is equal to or greater than $0.15 per Common Share, then at the option of the Company and upon notice to the Warrant holders, the Warrant Exercise Period may be shortened such that all Warrants outstanding at such time shall expire twenty (20) days from the date of such notice. \nThe Offering, which is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange, is expected to close in one or more tranches, with the latest closing expected on or before October 12, 2011. \nThe proceeds from the Offering will be used to fund the continued work programs on the Company's Canadian properties.\nThe securities being offered pursuant to the Offering will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, a...