CRI Churchill Resources Inc

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Castle Resources Inc. (TSX VENTURE:CRI) ("Castle" or the "Corporation") is
pleased to announce a brokered private placement of common shares led by Scotia
Capital Inc. and including Cormark Securities Inc., Primary Capital Inc. and D &
D Securities Inc. (collectively, the "Agents"), in which the Agents will raise
up to $8,000,150 of common shares (the "Common Shares") at a price of $0.61 per
Common Share. The Agents shall have the option, exercisable in whole or in part,
to purchase up to an additional $2,000,000 in common shares to cover
over-allotments, if any.


The net proceeds from the sale of the common shares will be used for exploration
and development of the Granduc Copper property located near Stewart, British
Columbia, exploration and development of the Elmtree Gold property in New
Brunswic k and for general working capital purposes. 


Under the terms of the Financing, the Agents will receive a cash commission
representing 6% of the gross proceeds of the sale of the common shares. The
Agents on behalf of themselves and any sub-agents shall also receive a number of
compensation warrants that is equal to 6% of the total number of common shares
sold in the Financing, each exercisable to acquire one common share of Castle
for a period of two years from closing at the issue price of the common shares
in the Financing. The Financing remains subject to the approval of the TSX
Venture Exchange.


About Castle Resources

Castle Resources Inc. is a Toronto-based junior mineral exploration company
focusing on high-quality, advanced exploration projects. Management's goal is to
begin the redevelopment of the past producing Granduc Copper Mine and begin new
exploration activities; as well, management is quickly advancing the Elmtree
Gold Project in New Brunswick toward feasibility in 2011. For more information
please visit the Castle Resources' website at www.castleresources.com.


Disclaimer

Certain statements contained in this news release may contain forward-looking
information within the meaning of Canadian securities laws. Such forward-looking
information is identified by words such as "estimates", "intends", "expects",
"believes" ,"may", "will" and include, without limitation, statements regarding
the company's plan of business operations (including plans for progressing
assets), estimates regarding mineral resources, projections regarding
mineralization and projected expenditures. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from such statements. Factors that could cause actual results
to differ materially include, among others, metal prices, risks inherent in the
mining industry, financing risks, labour risks, uncertainty of mineral resource
estimates, equipment and supply risks, title disputes, regulatory risks and
environmental concerns. Most of these factors are outside the control of the
company. Investors are cautioned not to put undue reliance on forward-looking
information. Except as otherwise required by applicable securities statutes or
regulation, the company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new information,
future events or otherwise.

Churchill Resources (TSXV:CRI)
Historical Stock Chart
From Jun 2024 to Jul 2024

Churchill Resources (TSXV:CRI)
Historical Stock Chart
From Jul 2023 to Jul 2024