|By Marketwired .||
|June 11, 2014 10:30 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/11/14 -- Claim Post Resources Inc. (TSX VENTURE: CPS) (the "Company") is pleased to announce that due to overwhelming interest it intends to increase the size of its recently announced non-brokered private placement offering (the "Offering"). The Offering will now be for up to a total of 19,000,000 common share units (the "Units") and up to a total of 3,000,000 flow-through units (the "Flow-Through Units"). The Units will be offered at a price of $0.08 per Unit with each Unit consisting of one common share of the Company and one-half of a warrant (each whole warrant a "Warrant"). Each Warrant is exercisable for one common share in the capital of the Company at a price of $0.12 per share for a six month period. The Flow-Through Units will be offered at a price of $0.09 per share with each Flow-Through Unit consisting of one flow-through common share and one-half of a Warrant. Each Warrant comprising the Flow-Through Unit is exercisable for one common share in the capital of the Company at a price of $0.12 per share for a six month period. The aggregate gross proceeds of the Offering will be now up to $1,790,000.
The proceeds received from the Offering will be used (1) make the $350,000 Gossan Resources payment, (2) to carry out a minimum 1,000 meter drilling program towards increasing the 25,000,000 tonne resource estimation of the "Seymourville Frac Sand Project" in accordance with NI 43-101 rules (April 29th, 2014 Press Release filed on SEDAR); (3) to complete a Scoping Study on the project (Preliminary Economic Assessment). which will give Claim Post the ability release project economics and test market frac sand; and (4) for general working capital purposes.
All securities issued will be subject to a four (4) month hold period from the date of closing. The Offering is subject to the approval of the TSX Venture Exchange. At closing of the Offering, finder fees of 7% of the proceeds may be payable in cash, and finder warrants equal to 7% of the number of securities issued which are exercisable at the price of $0.12 per share and expiring 6 months from the date of closing of the Offering may be payable.
Charles Gryba, CEO of the Company, stated: "We are very pleased at the strong interest from investors in this financing and the confidence this expresses in the future of the Company. These funds will allow us more financial flexibility to move the frac sand project forward. Claim Post Board members and major shareholders are subscribing for approximately 60% of the offering."
Claim Post Resources Inc. is a Canadian based mineral exploration company and a reporting issuer in Ontario, Alberta and British Columbia. The Company is focused on becoming a leading provider of premium white silica sand proppant to oil operations in the Williston Basin (both the Canadian and U.S. sides of the Border), and to the oil and natural gas plays in the Western Canadian Sedimentary Basin from its Seymourville Frac Sand Project, located 200 km northeast of Winnipeg, Manitoba. There are 96,452,164 common shares of the Company currently issued and outstanding.
Statements in this release that are forward-looking reflect the Company's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's periodic filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Claim Post Resources Inc.
President and Director
Claim Post Resources Inc.
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