Further to its news release dated August 13, 2021, Churchill
Resources Inc. (“
Churchill” or the
“
Company”) (
TSXV: CRI) is pleased
to announce the closing of a non-brokered private placement of
5,000,000 common shares (the “
Charity FT Shares”),
issued on a flow-through basis at a price of C$0.40 per Charity FT
Share for gross proceeds of C$2,000,000 (the
“
Offering”). Due to strong investor demand, the
Offering was upsized from C$1,500,000.
“We are very grateful for the continued support
of our existing shareholders and excited to welcome new
institutional resource funds into the fold who subscribed for the
majority of this financing. We look forward to kicking off our fall
2021 field season and advancing our projects in the coming weeks,”
stated Paul Sobie, Chief Executive Officer of Churchill.
The Company intends to use the gross proceeds of
the Offering for the exploration of the Company’s key projects,
which may include its Taylor Brook Project in Newfoundland, its
recently optioned Florence Lake Project in Labrador, its Pelly Bay
Project in Nunavut and its White River Project in Ontario.
The gross proceeds from the issuance of the
Charity FT Shares will be used for “Canadian Exploration Expenses”
(within the meaning of the Income Tax Act (Canada)) (the
“Qualifying Expenditures”), which will be
renounced with an effective date no later than December 31, 2021 to
the purchasers of the Charity FT Shares in an aggregate amount not
less than the gross proceeds raised from the issue of the Charity
FT Shares. If the Qualifying Expenditures are reduced by the Canada
Revenue Agency, the Company will indemnify each subscriber of
Charity FT Shares for any additional taxes payable by such
subscriber as a result of the Company’s failure to renounce the
Qualifying Expenditures.
Red Cloud Securities Inc. acted as a finder in
connection with the Offering. Pursuant to the Offering, the Company
paid total cash finder’s fees of C$107,710 and issued to Red Cloud
269,275 finder warrants of the Company (the “Finder’s
Warrants”). Each Finder’s Warrant is exercisable to
acquire one common share of the Company at a price of C$0.40 at any
time on or before August 27, 2023.
The Charity FT Shares and the Finder’s Warrants
(including any common shares issuable on exercise thereof) are
subject to a statutory four month and one day hold period under
applicable Canadian securities laws. The Offering is subject to the
final acceptance of the TSX Venture Exchange
(“TSXV”).
About Churchill Resources Inc.
Churchill is managed by career mining industry
professionals which currently holds four exploration projects,
namely Taylor Brook in Newfoundland, Florence Lake in Labrador,
Pelly Bay in Nunavut and White River in Ontario. All projects are
at the evaluation stage, with known mineralized Ni-Cu-Co showings
at Taylor Brook, Florence Lake and Pelly Bay, and diamondiferous
kimberlitic intrusives at White River and Pelly Bay. The primary
focus of Churchill is on the continued exploration and development
of the Taylor Brook and Florence Lake Nickel Projects.
Further Information
For further information regarding Churchill, please contact:
Churchill Resources Inc. |
Paul Sobie, Chief Executive Officer |
Tel. |
416.365.0930
(o) |
|
647.988.0930 (m) |
|
Alec Rowlands, Consultant |
Arowlands@churchillresources.com |
Tel. |
1 416 721 4732 (m) |
Cautionary Note Regarding Forward
Looking Information
This news release contains "forward-looking
information" and "forward-looking statements" (collectively,
"forward-looking statements") within the meaning of the applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. Any statement that involves discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as "expects", or "does not expect",
"is expected", "anticipates" or "does not anticipate", "plans",
“proposed”, "budget", "scheduled", "forecasts", "estimates",
"believes" or "intends" or variations of such words and phrases or
stating that certain actions, events or results "may" or "could",
"would", "might" or "will" be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate
to, among other things, the use of proceeds from the Offering, the
Company’s objectives, goals and exploration activities conducted
and proposed to be conducted at the Company’s properties; future
growth potential of the Company, including whether any proposed
exploration programs at any of the Company’s properties will be
successful; exploration results; and future exploration plans and
costs and financing availability.
These forward-looking statements are based on
reasonable assumptions and estimates of management of the Company
at the time such statements were made. Actual future results may
differ materially as forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to
materially differ from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors, among other things, include: the expected
benefits to the Company relating to the exploration conducted and
proposed to be conducted at the Company’s properties; the receipt
of all applicable regulatory approvals for the Offering; failure to
identify any additional mineral resources or significant
mineralization; the preliminary nature of metallurgical test
results; uncertainties relating to the availability and costs of
financing needed in the future, including to fund any exploration
programs on the Company’s properties; business integration risks;
fluctuations in general macroeconomic conditions; fluctuations in
securities markets; fluctuations in spot and forward prices of
gold, silver, base metals or certain other commodities;
fluctuations in currency markets (such as the Canadian dollar to
United States dollar exchange rate); change in national and local
government, legislation, taxation, controls, regulations and
political or economic developments; risks and hazards associated
with the business of mineral exploration, development and mining
(including environmental hazards, industrial accidents, unusual or
unexpected formations pressures, cave-ins and flooding); inability
to obtain adequate insurance to cover risks and hazards; the
presence of laws and regulations that may impose restrictions on
mining and mineral exploration; employee relations; relationships
with and claims by local communities and indigenous populations;
availability of increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); the
unlikelihood that properties that are explored are ultimately
developed into producing mines; geological factors; actual results
of current and future exploration; changes in project parameters as
plans continue to be evaluated; soil sampling results being
preliminary in nature and are not conclusive evidence of the
likelihood of a mineral deposit; title to properties; ongoing
uncertainties relating to the COVID-19 pandemic; and those factors
described in the most recently filed management’s discussion and
analysis of the Company. Although the forward-looking statements
contained in this news release are based upon what management of
the Company believes, or believed at the time, to be reasonable
assumptions, the Company cannot assure shareholders that actual
results will be consistent with such forward-looking statements, as
there may be other factors that cause results not to be as
anticipated, estimated or intended. Accordingly, readers should not
place undue reliance on forward-looking statements and information.
There can be no assurance that forward-looking information, or the
material factors or assumptions used to develop such
forward-looking information, will prove to be accurate. The Company
does not undertake to release publicly any revisions for updating
any voluntary forward-looking statements, except as required by
applicable securities law.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this news
release.
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