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American Creek Announces Additional $1,000,000 Strategic Financing with Eric Sprott

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American Creek Resources Ltd. (TSX-V: AMK) is pleased to announce that it intends to expand the non-brokered private placement announced on Friday in order to include an additional $1,000,000 investment by Eric Sprott.

 

Darren Blaney, President & CEO of American Creek stated: “We welcome Mr. Sprott’s further support and additional significant contribution. We greatly appreciate not only his endorsement but also his enthusiasm for the future potential of American Creek’s vision and projects.”

 

The offering is now comprised of 5,666,666 flow-through units at a price of $0.09 per FT Unit for gross proceeds of up to $510,000 and 15,625,000 non-flow-through units  at a price of $0.08 per NFT Unit for gross proceeds of up to $1,250,000.

 

Each FT Unit will consist of one flow-through common share of the Corporation and one non-transferable common share purchase warrant. Each Warrant entitles the holder to purchase one non-flow-through common share at an exercise price of $0.12 for a period of two years from the closing date of the Offering except that, from and after the date that is four months and one day after the closing date, if the closing price of the Corporation’s shares exceeds $0.15 for 30 consecutive days, the Corporation may, at any time thereafter, accelerate the expiry date of the Warrants to the date that is 15 days following the date on which the Corporation issues notice to all the Warrant holders of the new expiry date.

 

Each NFT Unit will consist of one NFT Share and one non-transferable common share purchase warrant. Each Warrant entitles the holder to purchase one NFT Share at an exercise price of $0.12 for a period of two years from the closing date of the Offering except that, from and after the date that is four months and one day after the closing date, if the closing price of the Corporation’s shares exceeds $0.15 for 30 consecutive days, the Corporation may, at any time thereafter, accelerate the expiry date of the Warrants to the date that is 15 days following the date on which the Corporation issues notice to all the Warrant holders of the new expiry date.

 

Units will be offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation. Proceeds from the sale of the FT Share portion of each FT Unit will be used to incur expenditures which qualify as Canadian Exploration Expenses and will be spent on the Corporation’s projects located in British Columbia. Proceeds from the NFT Units will be used for general operating purposes as well as advancing the Corporation’s portfolio of mineral properties.

 

The Offering is subject to acceptance by the TSX Venture Exchange and if permitted under applicable securities laws and by the Exchange, the Corporation will pay a finder’s fee to arm’s length third parties equal to 7% of the gross proceeds realized from the sales made to purchasers referred to the Corporation by a Finder, payable in cash, together with a non-transferrable warrant to purchase the number of NFT Shares equal to 7% of the gross number of shares from the sales made to purchasers referred to the Corporation by a Finder at a price of $0.12 per Common Share for a period of two years from the closing date of the Offering except that, from and after the date that is four months and one day after the closing date, if the closing price of the Corporation’s shares exceeds $0.15 for 30 consecutive days, the Corporation may, at any time thereafter, accelerate the expiry date of the Finder’s Warrants to the date that is 15 days following the date on which the Corporation issues notice to all the Warrant holders of the new expiry date.

 

About American Creek

 

American Creek is a Canadian junior mineral exploration company with a strong portfolio of gold and silver properties in British Columbia.

 

Three of those properties are located in the prolific “Golden Triangle”; the Treaty Creek and Electrum joint venture projects with Tudor Gold/Walter Storm as well as the 100% owned past producing Dunwell Mine.

 

A major drill program is presently being conducted at Treaty Creek by JV partner and operator Tudor Gold. There are now two drills working on the Goldstorm zone with the objective of defining a significant maiden gold resource. The last hole reported included a 780 meter intercept of 0.683 g/t gold including a higher grade upper portion of 1.095 g/t over 370.5 meters.

 

The Treaty Creek Project is a Joint Venture with Tudor Gold owning 60% and acting as operator. American Creek and Teuton Resources each have 20% interests in the project. American Creek and Teuton are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both American Creek and Teuton have “free rides”.

 

A drill program also recently commenced on the 100% owned Dunwell Mine property located near Stewart.

 

The Corporation also holds the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.

 

Posted August 26, 2019

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