Challenger announces private placement

By Ruli Setiawan

TSE-listed Challenger Deep Resources Corp recently announced a private placement of up to $1,500,000, in which Challenger intends to issue up to 10,000,000 Common Share Units at a price of CAD $0.15 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 $0.25 for a period of five (5) years from the date of issuance of the Units.

If, at any time after the expiry of the 4 month hold period, the closing price of the common shares on the TSE Venture Exchange is at least $0.50 for a period of 30 consecutive trading days, the corporation may, at its option, accelerate the expiry date of the warrants.

The gross proceeds from the Private Placement will be used for development of Challenger's Barito coal project in Central Kalimantan, Indonesia, and for working capital purposes.

Challenger Deep Resources Corp. is an exploration company focused on the Indonesian coal industry with offices in Calgary, Singapore and Jakarta.

Editing by Er Audy Zandri