TORONTO, ONTARIO--(Marketwire - Sept. 12, 2012) - Claim Post Resources Inc. (TSX VENTURE:CPS) (the "Company") announces that it intends to complete a non-brokered private placement offering (the "Offering") of up 50,000,000 common shares (the "Common Shares") at a price of $0.10 per Common Share for a gross proceeds of up to $5,000,000.
The proceeds received from the Offering will be used (1) to fund the acquisition of a silica sand quarry project located near Seymourville, 200km NE of Winnipeg, Manitoba (Canada) (see press release of August 27, 2012); (2) to carry out a 3,000 meter drilling program towards completing a resource estimation in accordance with NI 43-101; (3) to complete a marketing study and a scoping study on the project (Preliminary Economic Assessment); and (4) 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 at the price of $0.10 per share in year one and $0.15 per share in the second year, expiring 24 months from the date of closing of the Offering.
Claim Post Resources intends to maintain its exploration properties in Timmins, Ontario which are highly prospective for both gold and base metals. The Company continues to seek joint venture partners and strategic arrangements with other companies in the industry to advance the exploration of the large Timmins land holdings.
Claim Post Resources Inc. is a Canadian based mineral exploration company and a reporting issuer in Ontario, Alberta and British Columbia. The Company currently holds a 100% interest in the mineral rights to about 1145 staked claim units and 63 patented claims (~200 km sq. or 72 sq. miles), wholly within the city limits of Timmins, Ontario. The Company continues to stake ground as it becomes available. There are 36,163,831 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.