Churchill Resources Completes $3 Million Private Placement
Churchill Resources Inc. has successfully finalized its non-brokered private placement, raising $3 million through the sale of 37,500,000 common shares priced at $0.08 each. This accomplishment aligns with their previous announcements and is a significant milestone for the company.
The funds obtained from this private placement will be directed towards enhancing Churchill Resources' strategic projects in Newfoundland and Labrador. Key projects, including the Black Raven Antimony-Gold Project, will benefit significantly from this influx of capital. The Black Raven property is noteworthy for hosting the historical Frost Cove Antimony Mine, providing a solid foundation for the company's future endeavors.
Furthermore, the company has compensated eligible finders involved in the private placement with a cash fee totaling $210,000, equivalent to 7% of the total gross proceeds. Additionally, they handed out 2,625,000 non-transferrable finders warrants, allowing the holders to acquire common shares at the same price of $0.08, valid for a 24-month term.
All securities issued in this private placement are subjected to a statutory hold period of four months and one day. The private placement is pending final approval from the TSX Venture Exchange, ensuring compliance with regulatory standards.
Employee Options Approved by Board
In addition to the private placement, the board of directors at Churchill Resources has approved the granting of 8.2 million stock options to select directors, officers, and consultants. These options can be exercised at a price of $0.14 each, with a term extending over five years, reflecting the confidence of the board in the future growth of the company.
About Churchill Resources Inc.
Churchill Resources Inc. is a Canadian exploration company dedicated to the exploration of critical minerals across its properties in Canada. The company is primarily focused on the promising Black Raven, Taylor Brook, and Florence Lake projects located in Newfoundland and Labrador. The Black Raven property, notable for being the site of the historical Frost Cove Antimony Mine, harbors a polymetallic metal assemblage. This presents a unique exploration opportunity in an area rich in mining history yet under-explored with modern drilling techniques.
The management team at Churchill boasts decades of experience in mineral exploration and the successful establishment of publicly listed mining entities, both domestically and globally. The company's projects have strong potential, particularly within the well-developed mineral exploration sector of Newfoundland and Labrador, supported by local drilling capabilities and geological proficiency.
Contacting Churchill Resources
For those seeking additional information about Churchill Resources, the following contacts are available:
Churchill Resources Inc.
Conan McIntyre, Chief Executive Officer
Tel. +1 416.272.4738
Email: cmcintyre@churchillresources.com
Paul Sobie, President
Tel. +1 416.365.0930 (office); +1 647.988.0930
Email: psobie@churchillresources.com
Frequently Asked Questions
What is the total amount raised in the private placement?
Churchill Resources raised a total of $3 million through the private placement.
What will the funds from the private placement be used for?
The proceeds will be used to advance strategic projects in Newfoundland and Labrador, especially the Black Raven Antimony-Gold Project.
How many stock options were approved by the board?
The board approved the grant of 8.2 million stock options to certain directors, officers, and consultants.
What is the exercise price for the stock options?
The stock options can be exercised at a price of $0.14 each.
Where can I find more information about Churchill Resources?
Further information about Churchill Resources can be obtained through their CEO Conan McIntyre or President Paul Sobie via the contact details provided.
