CALGARY, Aug. 21 /CNW/ - Champlain Resources Inc. ("Champlain" or the "Corporation"), listed on the NEX board of the TSX Venture Exchange under the trading symbol "CPL.H", announces the closing of a private placement of 1,800,000 Units consisting of one (1) common share ("Common Share") issued at $0.05 per share and one (1) Common Share purchase warrant exercisable for one year at a price of $0.10 per share in settlement of $90,000 of outstanding debt (the "Debt"). The Debt consists of management fees of an existing director and officer of Champlain cumulating since July 1, 2007 and a former director and officer for the period of July 1, 2007 to April 1, 2009 which were assigned to such existing director and officer. The issue of Units will not result in any change of control.
Champlain also announces that it will not proceed with its previously announced private placement of up to 9,000,000 Units for gross aggregate proceeds of $450,000, each Unit consisting of one (1) Common Share and one (1) Common Share purchase warrant exercisable for one year at a price of $.10 cents.
Champlain is of the view that the settlement of the Debt will assist in seeking alternative forms of financing necessary to proceed with prospective lease acquisitions and other business opportunities.
This press release contains certain forward-looking statements. In particular, statements relating to the acquisition of leases in Pennsylvania, Montana and Wyoming, the availability of financing necessary to complete such acquisitions, the prospects for discoveries under such leases, completions of the Marcellus leases and market conditions for the completion of the proposed private placement are forward looking. These statements are based on Champlain's current expectations and assumptions that could prove to be incorrect. The forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. In making forward looking statements, Champlain has assumed that discussions relating to the lease acquisitions will continue favorably for the Corporation; that the market conditions for the private placement will remain favorable; that sufficient amounts under the private placement will be raised to fund the acquisition; and that lands explored and developed by other oil and gas companies surroundings the areas reflect the potential for lands to be leased currently under discussion with the Corporation. Actual results may differ materially as a result of risks, uncertainties and other factors, such as: changes in the general economic, regulatory, industry, market and business conditions, fluctuations in commodity prices and currency exchange rates; the successful and timely implementation of projects and lease discussions; imprecision of reserve estimates; environmental risks; and competition from other industry participants. Also affecting the accuracy of any forward-looking statement is the availability of capital required to implement future operational plans, uncertainties resulting from potential delays or changes in plans, among others.
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