Claim Post Resources Inc. Announces Amended Private Placement
TORONTO, ONTARIO--(Marketwired - Jul 29, 2013) - Claim Post Resources Inc. (TSX VENTURE:CPS) (the "Company") announces that it wishes to amend its non-brokered private placement offering (the "Offering"), previously announced on July 3, 2013. The Company will raise up to $2,000,000 through the issuance of a combination of flow-through units (the "FT Units") at a price of $0.06 per FT Unit and non-flow-through units (the "Units") at a price of $0.05 per Unit. Each FT Unit is composed of one flow-through common share in the capital of the Company and one common share purchase warrant. Each full warrant comprising the FT Units will entitle the holder to acquire one additional common share at an exercise price of $0.10 per share for a period of 36 months from the date of issuance. Each Unit (non-flow-through) is composed of one common share in the capital of the Company and one common share purchase warrant. Each warrant comprising the Units will entitle the holder to acquire one additional common share at an exercise price of $0.10 per share for a period of 36 months from the date of the issuance.
The proceeds received from the Offering will be used (1) to carry out a minimum 1,000 meter drilling program towards completing a resource estimation of the "Seymourville Frac Sand Project" in accordance with NI 43-101 rules; (2) to complete a scoping study on the project (Preliminary Economic Assessment); which will give Claim Post the ability to test market forward selling frac sand; and (3) for general working capital purposes.
All Shares 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 7% finder warrants which are exercisable for one common share of the Corporation at the price of $0.10 per share and expiring 36 months from the date of closing of the Offering.
The Company also wishes to correct the option references in its press release of July 19, 2013. The press release incorrectly referred to granting of 4,550,000 stock options to directors, officers, employees, consultants and services providers pursuant to the Stock Option Plan of the Company. The correct number of options granted was 2,750,000. There are currently a total of 4,450,000 stock options outstanding.
Claim Post Resources Inc. is a Canadian based mineral exploration company that is transitioning from gold and base metal exploration into now becoming a frac sand supplier to Canadian oil and gas industry. Claim Post is a reporting issuer in Ontario, Alberta and British Columbia. The Company now has a 100% ownership right in 428 hectares of quarry sand leases and an option to purchase 100% in the adjoining 306 hectares near Seymourville, Manitoba. The Company intends to develop the "Seymourville Frac Sand Project" as a source of fracking sand for the oil and gas industry in Western Canada. Claim Post also has mineral claims in the Timmins area for gold and base metal exploration. There are 49,288,831 common shares of the Company 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.
