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Challenger Deep Resources Corp Announces Closing Of Private Placement


Wednesday, 24 Apr 2013 07:49pm EDT 

Challenger Deep Resources Corp announced that further to the previous release dated March 15, 2013, it has now closed a non-brokered private placement consisting of 9,316,667 units (each a Unit) of the Company, at a subscription price of $0.15 per unit for gross proceeds of $1,397,500. Each unit consists of one common share and one common share purchase warrant. Each Warrant entitles the holder to purchase one additional common share of Challenger at an exercise price of CAD0.25 for a period of five years from the date of issuance of the Units. If, at any time after the expiry of the four 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 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 net proceeds from the Private Placement will be used for development of Challenger's Barito coal project in Central Kalimantan, Indonesia and for general corporate purposes. 

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