Challenger closes a private placement
Friday, October 5 2012 - 12:57 AM WIB
TSX-listed Challenger Deep Resources Corp., announced that it has closed a non-brokered private placement consisting of 2,668,334 units at a subscription price of $0.30 per unit for gross proceeds of $800,500.20.
The gross proceeds from the Private Placement will be used for permitting of Challenger's Tabang Coal Project in East Kalimantan, Indonesia, for the investigation and acquisition of additional Indonesian coal exploration projects and for general corporate purposes.
Each unit consists of one common share and one common share purchase warrant.
Each whole warrant entitles the holder thereof to purchase one additional common share of the Company, for a period 24 months, at a price of $0.40 per common share.
The company said all shares issued pursuant to this private placement, and any shares issued in connection with the exercise of any warrants, if any, will be subject to a four month hold period expiring on February 5, 2013, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
Aggregate finder's fees of $34,860 in cash and 116,200 finder's warrants are to be paid and issued in conjunction with the closing of the private placement, with each Finder's Warrant having the same terms as the warrants forming part of the Units under this private placement.
Editing by Adianto P. Simamora