- Churchill Resources (CRI) has completed its upsized brokered private placement for gross proceeds of C$4,000,000
- The company issued 4,687,500 units and 7,142,857 FT units
- The proceeds from the the flow-through shares will be used to incur exploration expenditures on its nickel properties in Newfoundland
- The proceeds from the units are expected to be used for working capital and general corporate purposes
- Churchill Resources is an exploration company
- Churchill Resources Inc. (CRI) opened trading at C$0.275 per share
Churchill Resources (CRI) has completed its upsized brokered private placement for gross proceeds of C$4,000,000.
The company issued 4,687,500 units at a price of $0.32 and 7,142,857 FT units at a price of $0.35. Each unit will include one common share and one half of one common share purchase warrant. Each FT unit will consist of one common share to be issued as a “flow-through share” and one-half of one warrant. Each warrant shall entitle the holder to purchase one additional share at a price of C$0.48 for 24 months after the closing date of the offering.
Due to strong investor demand, the offering was upsized from its original gross proceeds of C$2,500,000 and included the full exercise of the Agents’ over-allotment option.
Paul Sobie, CEO of Churchill commented on the financing.
“We were very pleased at the high interest level in this financing and with it closing, the Company is now set up for comprehensive nickel exploration programs at both Taylor Brook in Western Newfoundland, and Florence Lake in East-central Labrador, for the coming year.”
The proceeds from the sale of the flow-through shares will be used to incur exploration expenditures on its nickel properties in Newfoundland. The proceeds from the sale of the units are expected to be used for working capital and general corporate purposes.
The agents received a commission and broker warrants.
All securities issued are subject to a statutory four-month hold period. The offering remains subject to the final approval of the TSXV.
Churchill Resources is an exploration company that currently holds four projects; Taylor Brook in Newfoundland, Florence Lake in Labrador, Pelly Bay in Nunavut and White River in Ontario. The primary focus of Churchill is on the continued exploration and development of the Taylor Brook and Florence Lake Nickel Projects.
Churchill Resources Inc. (CRI) opened trading at C$0.275 per share.