/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
TORONTO, Oct. 18 /CNW/ - CHAMPION MINERALS INC. ("Champion" or the
"Company") is pleased to announce that it has completed a non-brokered private
placement (the "Private Placement") of 690,331 common shares of the Company at
a price of $0.45 per share as well as 1,084,000 "Flow-Through Shares" of the
Company issued on a "flow-through" basis under the Income Tax Act (Canada) at
a price of $0.50 per share for total gross proceeds of $852,649. A director
and two officers of the Company purchased an aggregate of 120,000 shares
pursuant to the Private Placement. The shares issued pursuant to the Private
Placement are subject to a hold period which expires February 18, 2008.
In connection with the Private Placement the Company paid as finder's
fees to two arm's length parties an aggregate of $20,400 cash, 35,537 common
shares of the Company at a deemed value of $0.45 per share and 95,100 finder's
fee purchase warrants. The finder's fee purchase warrants entitle the holders
to purchase 95,100 common shares of the Company at a price of $0.45 per share
for a period of eighteen months.
The net proceeds of the Private Placement will be used for working
capital and to finance continued exploration at the Powderhorn Property,
located in central Newfoundland and the Attikamagen iron ore property in
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
For further information:
For further information: contact Thomas G. Larsen, the President and CEO
of the Corporation, at (416) 866-2200