Challenger Completes Private Placement

Mining News

Friday, 23 December 2011 08:04

Written by Hans GN

Challenger Deep Resources, Completes Private Placement

Theindonesiatoday.com - Challenger Deep Resources Corp. has successfully closed its previously announced non brokered private placement consisting of 2,250,000 units for gross proceeds to the Company of $1,350,000 (the Private Placement).

All of the units were sold to arm's-length investors at a purchase price of $0.60 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share of the Company at any time until December 21, 2013 and is exercisable at a purchase price of $0.75 per share.

All securities issued in connection with the Private Placement are subject to a four month plus one day hold period. Finder's fees of $64,323 cash and 107,205 finder's warrants were paid to eligible parties in connection with the Private Placement. The finder's warrants have the same terms as the warrants issued under the Private Placement.

The proceeds from the Private Placement will be used for the continued exploration and development of the Company's Tabang Coal Project in East Kalimantan, Indonesia and for general corporate purposes. The completion of the Private Placement is subject to final approval from the TSX Venture Exchange. (Theindonesiatoday.com)

Challenger Deep Resources

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