Claim Post completes $2.13-million private placement

Nov 11, 2013

CLAIM POST RESOURCES INC. ANNOUNCES COMPLETION OF FINANCING

Claim Post Resources Inc. has completed the private placement financing as described in its news releases dated July 3, 2013, July 29, 2013, Aug. 27, 2013, and Oct. 8, 2013, in four tranches. The company issued a total of 31.72 million units and 9,083,333 flow-through units for total gross proceeds of $2,131,000.

In connection with the closing of the financing, the company paid total cash finder fees of $134,690 and issued a total of 1,990,900 finder warrants, with each finder warrant exercisable at the price of 10 cents per share and expiring 36 months from the date of closing of the offering.

The proceeds received from the offering will be used (1) to carry out a minimum 1,000-metre drilling program toward completing a resource estimation of the Seymourville frac sand project in accordance with National Instrument 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 securities issued in connection with the financing will be subject to a statutory four-month hold period.

Claim Post Resources intends to maintain its exploration properties in Timmins, Ont., 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.

http://www.claimpostresources.com/news.php