Non-brokered deal raises cash for exploration, assessment of projects
By Devika Patel
Knoxville, Tenn., Sept. 15 - Channel Resources Ltd. said it has arranged a C$1.36 million non-brokered private placement of units.
The company will sell 8 million units at C$0.17 apiece. Each unit will consist of one common share and one half-share warrant, with each whole two-year warrant exercisable at C$0.21 in the first year and at C$0.25 thereafter.
The strike prices reflect 2.44% and 21.95% premiums, respectively, to the Sept. 14 closing share price of C$0.205.
Proceeds will be used primarily to fund further exploration and assessment work on the company's projects, as well as for corporate development and working capital.
Channel is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Channel Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.36 million
|
| Units: | 8 million
|
| Price: | C$0.17
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.21 in the first year, C$0.25 thereafter
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 15
|
| Stock symbol: | TSX Venture: CHU
|
| Stock price: | C$0.205 at close Sept. 14
|
| Market capitalization: | C$15.99 million
|
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