Champion Minerals completes $12 million bought deal financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, April 30 /CNW/ - Champion Minerals Inc. (TSXV:CHM) (the "Company" or "Champion") is pleased to announce that it has completed its previously announced offering (the "Offering") of C$12,190,000 in units of the Company (the "Units") at a price of C$1.15 per Unit. Each Unit consists of one common share and one half of one common share purchase warrant (the "Unit Warrant"). Each whole Unit Warrant shall be exercisable to acquire one common share of the Company at $1.50 per share until April 30, 2012. The Offering was completed by a syndicate of underwriters led by Canaccord Financial Ltd. and included Haywood Securities Inc. and Macquarie Capital Markets Canada Ltd. All securities issued under or in connection with the Offering will be subject to a four month hold period.

The Company intends to use the net proceeds of the financing to fund the exploration and development of the Company's Fermont Iron Property, in particular the prospective Harvey Tuttle claim block with its 5km by 5km zone commonly referred to as the "Mammoth Zone", as well as for general corporate purposes.

The securities have not been registered under the U.S. Securities Act of 1933 (the "1933 Act"), as amended, or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

About Champion Minerals Inc.

Champion is a Canadian exploration company focused on discovering and developing significant iron ore resources in eastern Canada, particularly in the provinces of Quebec and Newfoundland & Labrador. The Company's projects include the Fermont Iron Property in northeastern Quebec, the Attikamagen Iron Property in northeastern Quebec and western Labrador, and the Powderhorn/Gullbridge Base Metal Projects in central Newfoundland. Please visit Champion's website at www.championminerals.com.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.

SOURCE CHAMPION MINERALS INC.

For further information: For further information: Thomas G. Larsen, President and CEO, and Jorge Estepa, Vice-President, at (416) 866-2200

Organization Profile

CHAMPION MINERALS INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890