MONTREAL, Feb. 8 /CNW Telbec/ - Campbell Resources Inc. (TSX: CCH, OTC
Bulletin Board: CBLRF) ("Campbell") is pleased to announce that it has entered
into agreements with Ocean Partners Holdings Limited ("Ocean") pursuant to
which Ocean will subscribe and purchase one unit (the "Unit") of Campbell at a
price of US$1,800,000 in exchange for providing Campbell with a loan facility
of up to US$700,000 (the " Facility").
The Unit consists of a US$1,800,000 secured convertible debenture with an
interest rate of 11.5% per annum (the "Debenture") and a number of common
share purchase warrants equal to the quotient of US$1,800,000 and the lower of
CDN$0.13 and the closing price of the Campbell's common shares on the Toronto
Stock Exchange ("TSX") on the day prior to the closing date (the "Warrants").
Each Warrant shall entitle the holder thereof to purchase one additional
common share of Campbell, at a price per common share equal to the lower of
CDN$0.14 or one cent above the closing price of Campbell common shares on the
TSX on the day prior to the closing date, for a period of 24 months following
the closing date. Subject to the approval of the TSX, all or a portion of the
Debenture may be, at Ocean's discretion, converted into common shares of
Campbell at a price per common share equal to the lower of CDN$0.13 or the
closing price of Campbell's common shares on the TSX on the day prior to the
Subject to the approval of the TSX, all or a portion of the Facility may
be, at Ocean's discretion, reimbursed in cash or converted into units of
Campbell (the "Facility Units") at a price per Facility Unit equal to the
lower of CDN$0.13 or the closing price of the Campbell's common shares on the
TSX on the day prior to the closing date. Each Facility Unit consists of one
common share of Campbell and one common share purchase warrant entitling the
holder thereof to purchase one additional common share of Campbell at a price
per common share equal to the lower of CDN$0.14 and one cent above the closing
price of Campbell's common shares on the TSX on the day prior to the closing
date for a period of 24 months following the closing date.
Both financings are scheduled to close on or around February 15, 2008.
The proceeds of the financings will be used for the repayment of a sum owed by
Campbell to Ocean Partners U.K. Limited and for working capital purposes.
In addition to the financings with Ocean, Nuinsco Resources Limited
("Nuinsco") also provided Campbell with a secured revolving credit facility of
up to a maximum aggregate amount of CDN$1,500,000. Nuinsco has also agreed to
purchase and subscribe for 6,000,000 common shares, at a price of $0.10 per
common share, for gross proceeds of $600,000. The proceeds of the credit
facility and the private placement will be used to fund further development of
Campbell's operations in Chibougamau, Québec and for working capital purposes.
Campbell Resources Inc. is a mining company focusing mainly in the
Chibougamau region of Québec, holding interests in gold and gold-copper
exploration and mining properties.
Certain information contained in this release contains "Forward-Looking
Statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 and is subject to certain risks and uncertainties, including those
"Risk Factors" set forth in the Campbell's current Annual Report on Form 20F
for the year ended December 31, 2006. Such factors include, but are not
limited to: differences between estimated and actual mineral reserves and
resources; changes to exploration, development and mining plans due to prudent
reaction of management to ongoing exploration results, engineering and
financial concerns; and fluctuations in the gold price which affect the
profitability and mineral reserves and resources of Campbell. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. Campbell undertakes no obligation to
release publicly any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect unanticipated
events or developments.
For further information:
For further information: Campbell Resources Inc.: André Fortier,
President and Chief Executive Officer, (514) 875-9037, Fax: (514) 875-9764,
firstname.lastname@example.org; Renmark Financial Communications Inc.: Henri
Perron, email@example.com; Julien Ouimet,
firstname.lastname@example.org; (514) 939-3989, Fax: (514) 939-3717,