Business
Champlain Resources Inc., announces Settlement of Debt
CALGARY, Aug. 21 /CNW/ - Champlain Resources Inc. ("Champlain" or the "Corporation"), listed on t...
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 21 /CNW/ - Champlain Resources Inc. ("Champlain" or the\n"Corporation"), listed on the NEX board of the TSX Venture Exchange under the\ntrading symbol "CPL.H", announces the closing of a private placement of\n1,800,000 Units consisting of one (1) common share ("Common Share") issued at\n$0.05 per share and one (1) Common Share purchase warrant exercisable for one\nyear at a price of $0.10 per share in settlement of $90,000 of outstanding\ndebt (the "Debt"). The Debt consists of management fees of an existing\ndirector and officer of Champlain cumulating since July 1, 2007 and a former\ndirector and officer for the period of July 1, 2007 to April 1, 2009 which\nwere assigned to such existing director and officer. The issue of Units will\nnot result in any change of control.\n\n\nChamplain also announces that it will not proceed with its previously\nannounced private placement of up to 9,000,000 Units for gross aggregate\nproceeds of $450,000, each Unit consisting of one (1) Common Share and one (1)\nCommon Share purchase warrant exercisable for one year at a price of $.10\ncents.\n\n\nChamplain is of the view that the settlement of the Debt will assist in\nseeking alternative forms of financing necessary to proceed with prospective\nlease acquisitions and other business opportunities.\n\n\nThis press release contains certain forward-looking statements. In\nparticular, statements relating to the acquisition of leases in Pennsylvania,\nMontana and Wyoming, the availability of financing necessary to complete such\nacquisitions, the prospects for discoveries under such leases, completions of\nthe Marcellus leases and market conditions for the completion of the proposed\nprivate placement are forward looking. These statements are based on\nChamplain's current expectations and assumptions that could prove to be\nincorrect. The forward-looking statements are not guarantees of future\nperformance and undue reliance should not be placed on them. In making forward\nlooking statements, Champlain has assumed that discussions relating to the\nlease acquisitions will continue favorably for the Corporation; that the\nmarket conditions for the private placement will remain favorable; that\nsufficient amounts under the private placement will be raised to fund the\nacquisition...