Channel Resources: Private Placement with Placer Dome Inc.KELOWNA, BRITISH COLUMBIA--(BUSINESS WIRE)--June 12, 1998-- Channel Res.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CHU.) Channel Resources Ltd. ("Channel") is pleased to announce further to its News Release of May 27, 1998 that Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. Inc. has now fully subscribed Fully Subscribed A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of for 1,469,900 common shares at a subscription price of Cdn 50 cents for total proceeds to Channel of Cdn $734,950. The private placement will provide funding for Channel's ongoing program to be carried out on the Bombore Permit. The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. accepted notice of the private placement on June 4, 1998, subject only to the usual filings with the Exchange. The second phase of the spring 1998 drilling programme on the Bombore Permit which consisted of 5,200 metres of RAB Rab (räb), Ital. Arbe, island (1991 pop. 9,205), 40 sq mi (104 sq km) off Croatia, in the Adriatic Sea. One of the Dalmatian islands, it is a popular seaside resort. Fishing and agriculture are the main occupations. drilling and 1,400 metres of diamond core drilling has been completed and the Company is awaiting assay results. Channel has a 45 percent working interest and a 10 percent carried interest in the Bombore permit and is the operator. The spring 1998 programme on the Bouroum permit consisting of a semi- detailed geochemical survey is underway and is expected to be completed by the end of June. Channel holds a 100 percent interest in the Bouroum permit subject to Viceroy Resource Corporation earning a 60 percent interest by funding the project to a positive feasibility stage. Channel is the operator. CONTACT: Channel Resources Ltd. D. Ross Fitzpatrick, 250/ 868-8019 e-mail: ir@channelr.com |
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