Challenger announces private placement
Thursday, September 20 2012 - 08:11 AM WIB
TSX-listed Challenger Deep Resources Corp. announced a private placement of up to $800,000 which would be used among others for permitting of Challenger's Tabang Coal Project in East Kalimantan and for the investigation and acquisition of additional Indonesian coal exploration projects.
It said Challenger intended to issue up to 2,666,667 common share units at a price of CAD $0.30 per unit.
Each unit is comprised of one common share and one common share purchase warrant.
Each Warrant entitles the holder to purchase one additional Common Share of Challenger at an exercise price of CAD $0.40 for a period of two years.
It said that the offering may be brokered through an agent, non-brokered, or partially brokered and partially non-brokered.
Challenger may pay a finder's fee in connection with the issue and sale of any or all of the Units under this offering. The finder's fee shall consist of a payment of no more than 7 percent of the gross proceeds of the offering in relation to subscribers introduced by any particular finder.
Challenger may also pay finder's warrants exercisable into common shares of Challenger in connection with the issue and sale of any or all of the Units under the offering.
Editing by Adianto P. Simamora