Churchill closes $3-million private placement

Executive Summary

• Churchill Resources completed a non‑brokered private placement of 37.5 million common shares at $0.08 per share, raising gross proceeds of $3 million.
• Proceeds will be used to advance strategic assets in Newfoundland and Labrador, notably the Black Raven antimony‑gold project, and for general corporate purposes.
• The company issued finders’ cash fees and warrants, and its board approved 8.2 million stock options exercisable at $0.14 per share with a five‑year term.

Key Details

• Placement Size: 37.5 million common shares sold at $0.08 per share.
• Gross Proceeds: $3,000,000.
• Use of Proceeds: Advancement of strategic assets in Newfoundland and Labrador (including Black Raven antimony‑gold project) and general corporate purposes.
• Finder Compensation:
• Cash fee of $210,000 (7 % of gross proceeds).
• Issuance of 2,625,000 non‑transferable finders’ warrants (7 % of shares sold), each warrant exercisable at $0.08 per share for 24 months post‑completion.
• Securities Hold Period: Statutory hold period of four months and one day from issuance date.
• Regulatory Condition: Private placement remains subject to final approval by the TSX Venture Exchange.
• Stock Option Grant: Board approved aggregate grant of 8.2 million stock options to directors, officers, and consultants; exercise price $0.14 per share; five‑year term.

Notable Quotes

(No direct quotes provided in the release.)