Champlain Resources Inc. Closes Non-Brokered Flow-Through Private Placement

Champlain Resources Inc. Closes Non-Brokered Flow-Through Private Placement

Calgary, Alberta CANADA, March 07, 2012 /FSC/ - Champlain Resources Inc. (CPL - TSX Venture), ("Champlain" or the "Company") announces that it has closed the non-brokered flow-through private placement announced by news release dated October 13, 2011.  

The Company issued 1,350,000 units (the "Units") at a price of $0.05 per Unit for cash proceeds of $67,500.  Each unit consists of one (1) common share (a "Common Share") in the capital of the Company issued on a flow-through basis, and one common share purchase warrant (a "Warrant").  Each Warrant is exercisable for a period of one year (the "Warrant Exercise Period") from the issue date, and entitles the holder to acquire one (1) Common Share issued on a flow-through basis at an exercise price of $0.15.  The Warrants expire on dates between November 10, 2012 and December 29, 2012.

In 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.

The Common Shares and Warrants are subject to a four-month hold period expiring on dates between March 10, 2012 and April 29, 2012.

The proceeds from the Offering are being used to fund continued work on the Company's Canadian property.

For further information please contact:
Mr. Troy Mochoruk
Chairman and Chief Executive Officer
#1614, 246 Stewart Green SW
Calgary, AB T3H 3C8
Tel: (403) 618-8989
tdmochoruk@shaw.ca
www.champlainresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view this release as a webpage, please click on the following link:
http://www.usetdas.com/pr/champlainprmar72012.htm  



Source: Champlain Resources Inc. (CPL - TSX-V)
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