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Challenger Deep Resources Corp Announces Private Placement


Friday, 15 Mar 2013 05:00pm EDT 

Challenger Deep Resources Corp announced a private placement of up to $1,500,000 (the Private Placement). Pursuant to the Private Placement, which is subject to acceptance by the TSX Venture Exchange, Challenger intends to issue, pursuant to applicable exemptions from registration and prospectus requirements of Canadian and United States securities laws, up to 10,000,000 Common Share Units (the Units) at a price of CAD $0.15 per Unit. Each Unit is comprised of one Common Share and one Common Share Purchase Warrant (each a Warrant). Each Warrant entitles the holder to purchase one additional Common Share of Challenger at an exercise price of CAD $0.25 for a period of five years from the date of issuance of the Units. If, at any time after the expiry of the 4 month hold period, the closing price of the common shares on the TSX Venture Exchange is at least $0.50 for a period of 30 consecutive trading days, the Corporation may, at its option, accelerate the expiry date of the warrants by issuing a press release and giving written notice thereof to all holders of warrants, and, in such case, the warrants will expire on the date which is the earlier of: the 30th day after the date on which the press release is disseminated by the Corporation; and the original expiry date. The gross proceeds from the Private Placement will be used for development of Challenger's Barito coal project in Central Kalimantan, Indonesia and for working capital purposes. 

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22 Oct 2014