GlobeNewswire2 months ago
CHAMPION BEAR RESOURCES LTD. (CBA.V) (“Champion Bear” or the “Company”) announced today that it has completed a non-brokered private placement of 4,582,056 common shares of the Company at a price of $0.20 per share for total gross proceeds of $916,411.20 (the "Private Placement"). Certain directors of the Company, directly or indirectly, purchased an aggregate of 1,000,000 common shares pursuant to the Private Placement. Champion Bear intends to use the proceeds of the Private Placement to advance exploration programs on its wholly-owned Eagle Rock Cu-Pd-Ni-Au-Pt-Co Property and Plomp Farm Au-Cu-Ag Property, both located near Dryden, Ontario, as well as for general corporate purposes. Specifically, the company intends to drill 10 additional holes totalling approximately 1,600 meters at Eagle Rock and drill 20 to 30 additional holes totalling approximately 4,200 meters at Plomp Farm then update mineral resource estimates. The drilling rig is expected to commence drilling at Eagle Rock on Tuesday October 9th. Jessica Borysenko, P.Geo.