TORONTO, ONTARIO--(Marketwire - Dec. 5, 2012) -Claim Post Resources Inc. (TSX VENTURE:CPS) (the "Company") announces that its previously announced private placement financing has expired, as described in its news releases dated October 3, 2012 and October 24, 2012. The Company issued a total of 9,425,000 common shares for total gross proceeds of $942,500.
In connection with the closing of the financing, the Company paid total cash finder fees of $65,975 and issued a total of 649,750 finder warrants, with each finder warrant exercisable into one share at a 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.
The Company's prior press release dated October 3, 2012 incorrectly reported the total common shares, gross proceeds received and finder fees paid.
The proceeds from the financing will be used to make the initial payment of $800,000 to Char-Crete Ltd. for the $1,500,000 acquisition of the silica sand quarry project located near Seymourville, 200km NE of Winnipeg, Manitoba (Canada) (see news release of August 27, 2012), and 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, 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 minerals 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 45,788,831 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.