Business
Champlain Resources Inc. Closes Private Placement with MineralFields Group
Feb. 25, 2011 (Filing Services Canada) -- Champlain Resources Inc. (CPL - TSX Venture), is plea...
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"\nChamplain Resources Inc. Closes Private Placement with MineralFields Group\n\n Feb. 25, 2011 (Filing Services Canada) -- Champlain Resources Inc. (CPL - TSX Venture), is pleased to announce that it has closed the previously announced non-brokered private placement of 5,882,352 units (the \"Units\") at a price of $0.17 per Unit each to the MineralFields Group for aggregate proceeds of $1,000,000 (the \"Offering\").  The proceeds of the private placement will be used to fund the continued work programs on the Company's Laird Lake property.  \"We are very pleased to be entering into this relationship with MineralFields Group\", said Troy Mochoruk, President and Chief Executive Officer.  \"This is an important milestone in the growth of Champlain Resources Inc. and we look forward to working with MineralFields Group as we develop our project in Ontario and elsewhere.\"Each Unit consists of one (1) common share (\"Common Share\") in the capital of the Company issued on a flow-through basis and one common share purchase warrant (\"Warrant\").  Each Warrant entitles the holder to purchase one Common Share of the Company for a period of twenty four (24) months (the \"Warrant Exercise Period\") at an exercise price of $0.25 in year 1 and $0.30 in year 2. A finder's fee of $47,500 and a finder's fee option (the \"Finder's Fee Option\") to purchase 558,823 Units was paid to an arm's length third party.  The Finder's Fee Option entitles the finder to purchase Units (the \"Finder's Units\") exercisable within a twenty four (24) month period at a price of $0.17 per Finder's Unit.  Each Finder's Unit consists of one (1) Common Share and one Warrant (the \"Finder's Warrants\").  Each Finder's Warrant entitles the holder to purchase one Common Share of the Company for a period of twenty four (24) months (the \"Finder's Warrant Exercise Period\") at an exercise price of $0.25 in year 1 and $0.30 in year 2. 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 $0.30 per share, then at the option of the Company and upon notice to the Warrant holders and the Finder's Warrant holders, the Warrant Exercise Period and the Finder's Warrant Exercise Period may be shortened...