Churchill Resources Secures $700,000 in New Funding Round
Churchill Resources Secures Significant Funding
Churchill Resources Inc. is excited to share the successful closure of a private placement, raising $700,000 through the sale of 14 million common shares at $0.05 each. This achievement follows their previous announcement in June, marking a pivotal moment for the company.
The funds from this private placement will be utilized to enhance exploration efforts at Churchill's key projects, demonstrating the company's commitment to growth and development within the mineral exploration sector.
Interestingly, the completion of this funding did not involve paying out agency fees or finder's fees, reflecting the company's efficient financial management.
Additionally, it’s noteworthy that the shares issued in this private placement will come with a statutory hold period of four months and one day, pending the final nod from the TSX Venture Exchange (TSXV).
Insider Participation in the Private Placement
In a significant development, insiders of Churchill Resources acquired a total of 3 million shares in this private placement. Their participation is classified as a "related party transaction." However, the company qualifies for exemptions regarding the need for formal valuation or minority shareholder approval under relevant securities regulations.
It’s essential to note that the confirmation of insider participation occurred shortly before the placement closure, which meant a material change report was not filed 21 days ahead as typically required.
About Churchill Resources Inc.
Churchill Resources Inc. positions itself as a forward-thinking Canadian exploration company focused on critical minerals. The company’s primary projects include the Black Raven, Taylor Brook, and Florence Lake properties, all located in Newfoundland and Labrador.
The flagship Black Raven property is particularly intriguing, as it features a rich polymetallic metal assemblage and boasts historical production evidence. This presents an extraordinary exploration opportunity, as it has not been systematically drilled with modern techniques, making it a prime candidate for future exploration.
Churchill’s management team is well-equipped with decades of combined experience in mineral exploration and in navigating the complexities of publicly listed mining companies both domestically and internationally. The projects in Newfoundland and Labrador are poised to capitalize on the province's robust and diverse minerals industry, which is characterized by world-class mines and processing facilities.
Company Leadership Insights
The leadership at Churchill is spearheaded by individuals with vast experience and expertise in the mining sector. Chief Executive Officer Conan McIntyre leads with a vision geared towards harnessing the potential of the company’s properties. Meanwhile, President Paul Sobie plays a vital role in driving strategic initiatives and operational excellence.
The executive team is deeply committed to leveraging local knowledge and expertise in mineral exploration, ensuring that Churchill is well positioned to thrive in a competitive landscape.
Further Information and Contacts
For individuals seeking further information about Churchill Resources, the company encourages direct communication with its leadership. Conan McIntyre can be reached at +1 416.272.4738, while Paul Sobie is available at +1 416.365.0930 (office) or +1 647.988.0930. Inquiries can also be sent via email to cmcintyre@churchillresources.com or psobie@churchillresources.com.
Frequently Asked Questions
What is the purpose of the $700,000 raised?
The funds raised from the private placement will be directed towards advancing exploration activities on Churchill's key projects and for general corporate purposes.
Who participated in the private placement?
Insiders of Churchill Resources acquired an aggregate of 3 million shares in the private placement, qualifying it as a related party transaction.
What are Churchill's main exploration properties?
Churchill’s main exploration properties include the Black Raven, Taylor Brook, and Florence Lake, all located in Newfoundland and Labrador.
What is unique about the Black Raven property?
The Black Raven property features a polymetallic metal assemblage with historical production evidence, offering a unique opportunity for systematic exploration.
How can I get in touch with Churchill Resources?
You can contact Conan McIntyre at +1 416.272.4738 or Paul Sobie at +1 416.365.0930 for inquiries.
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