Challenger closes private placement

By Peni Pedriawan

Calgary-based firm Challenger Deep Resources Corp reported on Wednesday that it has now closed a non-brokered private placement consisting of 9,316,667 units, at a subscription price of CAD$0.15 per Unit for gross proceeds of CAD$1,397,500.

The company in its statement said that the net proceeds from the private placement will be used for development of Challenger's Barito coal project in Central Kalimantan and for general corporate purposes

Each Unit consists 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 $0.25 for a period of five (5) years from the date of issuance of the Units.

Aggregate finder's fees of $62,674 in cash and 412,827 finder's warrants were paid and issued in conjunction with the closing of the private placement.

Editting by Adianto P. Simamora