Dec. 21, 2010 (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 740,000 units (the "Units") at a price of $0.18 per Unit for aggregate proceeds of $133,200 (the "Offering").
Each Unit consists of one (1) Common Share of the Company and one-half (0.5) Common Share Purchase Warrant (each whole Common Share Purchase Warrant a "Warrant"). Each Warrant entitles the holder to purchase one Common Share of the Company at an exercise price of $0.30 per share for a period of twenty-four (24) months from the date of issuance of the Warrants (the "Warrant Exercise Period"). In the event that the volume weighted average closing market price of the Common Shares during any consecutive five (5) 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 the Warrant Exercise Period may be shortened from twenty-four (24) months to twenty (21) days. No Finder's Fees were paid with respect to the funds raised.
The proceeds of the private placement will be used to expand the Company's land position and as general working capital. The private placement is subject to receipt of all necessary regulatory approvals.
Forward-Looking Information
This news release contains forward-looking statements which include statements regarding the Company's future plans, as well as statements regarding financial and business prospects and the Company's future plans, objectives or economic performance and financial outlooks. The Company believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements.
There can be no assurance that the exploration program will identify any priority targets. The actual results and future events could differ materially from those anticipated in this news release. The time frames identified to work programs and other activities may vary significantly from actual completion of the proposed work programs.
In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
For further information contact:
Mr. Troy Mochoruk
Chairman and Chief Executive Officer
#1614, 246 Stewart Green SW
Calgary, AB T3H 3C8
Tel: (403) 618-8989
[email protected]
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.
Source: Champlain Resources Inc. (CPL - TSX-V)
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