Champlain Resources cancels C$1 million private placement of units

Non-brokered offering is abandoned due to adverse market conditions

By Devika Patel

Knoxville, Tenn., June 29 - Champlain Resources Inc. said it has cancelled plans for a C$1 million non-brokered private placement of units. The deal priced May 19 and was terminated due to adverse market conditions.

The company said all funds received will be returned immediately.

Based in Calgary, Alta., Champlain mines for gold.

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