American Creek Resources announces $525,000 private placement
28 Septembre 2010 - 3:00PM
PR Newswire (Canada)
RAYMOND, AB, Sept. 28 /CNW/ -- RAYMOND, AB, Sept. 28 /CNW/ -
American Creek Resources Ltd. (the "Corporation") today announced
that it will be offering on a non-brokered private placement basis
(the "Offering") up to 3,500,000 units ("Common Share Units") at a
price of $0.07 per Common Share Unit and 3,500,000 units
("Flow-through Units") at a price of $0.08 per Flow-through Unit
for gross proceeds of $525,000 if the Offering is fully subscribed.
Each Common Share Unit will consist of one common share of the
Corporation and one non-transferable common share purchase warrant
("CS Warrant"). Each whole CS Warrant may be exercised for one
additional common share at a price of $0.15 per common share for a
period of one year from the closing of the Offering, provided that
the CS Warrants will expire if not exercised within 15 business
days from receipt by the holder of written notice from the
Corporation that the common shares have traded at $0.30 or higher
for 10 consecutive trading days. Each Flow-through Unit will
consist of one flow-through common share of the Corporation ("FT
Share") and one non-transferable common share purchase warrants
("FT Warrant"). Each whole FT Warrant may be exercised for one
additional non-flow-through common share at a price of $0.20 per
common share for a period of one year from the closing of the
Offering, provided that the FT Warrants will expire if not
exercised within 15 business days from receipt by the holder of
written notice from the Corporation that the common shares have
traded at $0.30 or higher for 10 consecutive trading days. Units
will be offered to qualified purchasers in reliance upon exemptions
from prospectus and registration requirements of applicable
securities legislation. The Offering is subject to acceptance by
the TSX Venture Exchange (the "Exchange") and if permitted under
applicable securities laws and by the Exchange, the Corporation
will pay a cash finder's fee to dealers, limited market dealers and
other arm's length third parties (a "Finder") equal to 10% of the
gross proceeds realized from the sales made to purchasers referred
to the Corporation by a Finder, together with a non-transferrable
warrant to purchase the number of common shares equal to 10% of the
gross number of shares from the sales made to purchasers referred
to the Corporation by a Finder at a price per common share and on
the terms identical to the price and terms of the CS Warrants or FT
Warrants, as the case may be, attached to the common shares or FT
Shares, as the case may be, that were sold. The Corporation has
also issued to a supplier a convertible debenture in the amount of
$151,279.11. In the event that the Company has not paid the
outstanding principal on or before January 20, 2011, then the
Corporation shall convert the entire outstanding amount of the
debenture into fully-paid and non-assessable common shares of the
Corporation at a deemed price of $0.10 per share. The Exchange has
approved this transaction. All securities will be subject to a hold
period of four months and a day from the date of issuance. Insiders
of the Corporation may participate in the Offering. Proceeds from
the sale of the flow-through common shares will be used to incur
expenditures which qualify as Canadian Exploration Expenses and
will be spent primarily on the Corporation's Ironmist Project
located in British Columbia. The Corporation intends to conduct a
1,500m diamond drill program on the Iron Ridge zone. The program
would consist of 7 holes within the Iron Ridge zone testing the
depth and extent of the deposit. Preliminary exploration on the
Ironmist (see news releases dated October 30, 2009, November 24,
2009, February 16, 2010 and March 24, 2010), which focused on the
western part of a large magnetic anomaly, resulted in the discovery
of multiple massive magnetite seams and pods. Follow-up ground
magnetic surveys, along with soil sampling, revealed three well
defined magnetic-high anomalies along with associated massive
magnetite outcrops. A 670m diamond drill program was conducted on
two of the magnetic anomalies, Ironmist (240x300 meters) and Iron
Ridge (650x250 meters), to determine the continuity of surface
mineralization at depth. All seven holes drilled intersected broad
intervals of magnetite mineralization, with three of them ending in
magnetite-rich mineralized zones. This program not only confirmed
significant magnetite mineralization on surface and at depth, but
also indicates that several additional anomalies identified on the
property may also host iron mineralization thereby significantly
expanding the potential size of the project. Results from assaying
and Davis Tube Recovery (DTR) test work from the drill-core
composites indicate that the magnetite is coarse-grained and soft.
Results also indicate that silica is not bound in magnetite and
that crushing produces a good liberation of silica at 106 (micro)m
resulting in a high grade magnetite concentrate even in samples
with disseminated magnetite. The concentrate contained elevated
levels of vanadium. Additionally, the ore contains low levels of
contaminates such as phosphorous, titanium and sulphur, which are
further reduced in the concentration process. Concentrates from all
composite samples average greater than 67% Fe (greater than 93%
Magnetite). The Corporation holds a 100% interest in the Ironmist
Project (subject to an NSR royalty). The project is road-accessible
with major infrastructure such as highways, power and a rail line
running through the property. Mr. Robert Shives, P.Geo., is the
Qualified Person for the purposes of National Instrument 43-101 who
has verified and approved the technical content of this news
release. American Creek Resources Ltd. is a Canadian mineral
exploration company focused on the acquisition, exploration and
development of mineral deposits within the Province of British
Columbia, Canada. Certain information contained in this news
release constitutes forward-looking statements regarding the
Corporation's mineral properties. Forward looking statements are
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate" or statements that
certain events or conditions "may" or "will" occur. Forward-looking
statements are based on the reasonable opinions and estimates of
management of American Creek and are subject to a variety of risks,
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. These factors include: the inherent
risks involved in the exploration and development of mineral
properties, uncertainties involved in the interpretation of drill
results and other geological data, fluctuating commodity prices,
unforeseen permitting requirements, changes in environmental laws
or regulations, the possibility of project cost overruns or
unanticipated costs and expenses, weather conditions, the
availability of contractors for equipment and services, the
availability of future financing and general business and economic
conditions. Such statements are also based on a number of
assumptions which may prove to be incorrect, including assumptions
about general business and economic conditions being accurate, the
timing and receipt of regulatory approvals for projects and
operations, the availability of financing, the ability to secure
equipment and labour, and American Creek's ongoing relationship
with third parties. The foregoing factors, risks and assumptions
are not exhaustive. Events or circumstances could cause actual
events or results to differ materially from those estimated or
projected and expressed in, or implied by, these forward-looking
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. These forward-looking statements are as
of the date they are made and American Creek disclaims any
obligation to update any forward-looking statements, except as
required by law. Neither the 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. please contact Darren
Blaney at: Phone: 403 752-4040 or Email: info@americancreek.com;
Information relating to the Corporation is available on its website
at www.americancreek.com
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