Champion Minerals Inc. Completes $1.08 Million Financing -
Feb 22, 2010
www.marketwire.com/press-release/Champion-Minerals-Inc-Compl…
"Champion Minerals Inc. ("Champion" or the "Company") (TSX
VENTURE:CHM)(FRANKFURT:P02) announces the completion of its
previously announced non-brokered private placement (the "Private
Placement") (see Champion's news release dated January 6, 2010),
subject to final TSX Venture Exchange acceptance. An aggregate of
1,799,999 units ("Units") were issued at $0.60 per Unit for gross
proceeds of $1,080,000. Each Unit is comprised of one common share
and one-half of one common share purchase warrant. Each whole
warrant (a "Warrant") entitles the holder to purchase one common
share at any time within eighteen (18) months after the Warrant
issue date, at a price of $0.90. Although the terms of the Private
Placement remained identical, the common shares issued in
connection with the Private Placement were not issued on a
"flow-through" basis as per the Company's January 6, 2010 news
release.
In connection with the Private Placement, the Company paid finder's
fees of $86,400 to arm's length parties.
The gross proceeds from the Private Placement will be used for
working capital purposes and to fund the Company's ongoing
exploration programs.
All the securities issued pursuant to this Private Placement are
subject to a four (4) month hold period.
About Champion
Champion is an exploration company focused on discovering and
developing significant metal resources in eastern Canada,
particularly in the provinces of Quebec and Newfoundland and
Labrador. The Company's projects include the Attikamagen Iron
Property, located in western Labrador and northeastern Quebec, the
Fermont Iron Property in northeastern Quebec and the Powderhorn and
Gullbridge Base Metal Projects located in central Newfoundland.
"