Proceeds will finance continued work programs on Laird Lake property
By Devika Patel
Knoxville, Tenn., Dec. 20 - Champlain Resources Inc. said it will conduct a non-brokered private placement of units. It will raise C$1 million in this offering, which priced as a C$1.85 million units sale on Dec. 6.
In the latest placement, the company will sell 5,555,555 units at C$0.18 apiece. Each unit consists of one flow-through common share and one warrant. Each two-year warrant will be exercisable at C$0.25 in the first year and at C$0.30 in the second year.
The strike prices reflect premiums of 47.06% and 76.47%, respectively, to C$0.17, the Dec. 17 closing share price.
Settlement is expected Dec. 23.
Proceeds will be used for the continued work programs on the company's Laird Lake property.
Based in Calgary, Alta., Champlain has recently transitioned its business focus to resource exploration and development as a mining issuer and has the option to earn a 55% interest in the Gordon Lake Gold Project located in the Northwest Territories.
| Issuer: | Champlain Resources Inc.
|
| Issue: | Units of one flow-through common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 5,555,555
|
| Price: | C$0.18
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | C$0.25 in the first year, C$0.30 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 23
|
| Stock symbol: | TSX Venture: CPL
|
| Stock price: | C$0.16 at close Dec. 20
|
| Market capitalization: | C$6.47 million
|
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