Channel Resources - Private Placement to Raise $3 Million.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 11, 1996--D. Ross Fitzpatrick D. Ross Fitzpatrick (born February 4 1933) is a Canadian Senator representing the Senatorial district of Okanagan-Similkameen, British Columbia. A successful businessman, Fitzpatrick was appointed to the senate on the advice of Jean Chrétien in March 1998. , president, announces that Channel Resources Ltd. (the "company") has signed an agreement with Bunting bunting, common name for small, plump birds of the family Fringillidae (finch family). Among the American buntings are the indigo bunting, in which the summer plumage of the male reflects sunlight as a rich, metallic blue; the painted bunting, or nonpareil ( Warburg Inc. ("Bunting Warburg") to place up to 1,000,000 units (the "Units") at a price of $2.50 per Unit to raise gross proceeds of up to $2,500,000. Each Unit shall represent one common share and one-half a share purchase warrant of the company. One whole purchase warrant will entitle the holder to purchase an additional common share at a price of $3.50 for a period of two years. The company will pay a 6 percent commission on the aggregate proceeds raised by Bunting Warburg. In addition, the company will sell a further 250,000 Units to raise the total gross proceeds for the private placement to $3,125,000. The transaction is subject to regulatory approval and is expected to close on or about June 26, 1996. The private placement will provide the company with net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $2,975,000 and, if all the share purchase warrants are exercised, a further $2,187,500. Funds will be added to working capital and will be used primarily to continue exploration efforts in Burkina Faso Burkina Faso (burkē`nə fä`sō), republic (2005 est. pop. 13,925,000), 105,869 sq mi (274,200 sq km), W Africa. It borders on Mali in the west and north, on Niger in the northeast, on Benin in the southeast, and on Togo, Ghana, and , West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . The company, owned 33 percent by Viceroy Resource Corp. ("Viceroy"), acts as Viceroy's exploration arm in Burkina Faso, West Africa and presently controls eight gold concessions, comprising 814,000 square hectares of prospective mineral property underlain un·der·lain v. Past participle of underlie. by favourable Birimian Formation volcanics. CONTACT: Channel Resources Ltd. Gordon Fitzpatrick, 604/688-9780 |
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