Claim Post Resources Inc. (TSX VENTURE:CPS) announces that it has completed the private placement financing as described in its news releases dated July 3, 2013, July 29, 2013, August 27, 2013 and October 8, 2013 in four tranches. The Company issued a total of 31,720,000 Units and 9,083,333 Flow-Through Units for total gross proceeds of $2,131,000.
In connection with the closing of the financing, the Company paid total cash finder fees of $134,690 and issued a total of 1,990,900 finder warrants, with each finder warrant which are exercisable at the price of $0.10 per share and expiring 36 months from the date of closing of the Offering.
The proceeds received from the Offering will be used (1) to carry out a minimum 1,000 meter drilling program towards completing a resource estimation of the “Seymourville Frac Sand Project” in accordance with NI 43-101 rules; (2) to complete a scoping study on the project (Preliminary Economic Assessment); which will give Claim Post the ability to test market forward selling frac sand and (3) for general working capital purposes.
All securities issued in connection with the financing will be subject to a statutory four month hold period.
Claim Post Resources intends to maintain its exploration properties in Timmins, Ontario which are highly prospective for both gold and base metals. The Company continues to seek joint venture partners and strategic arrangements with other companies in the industry to advance the exploration of the large Timmins land holdings.
Claim Post Resources Inc. is a Canadian based mineral exploration company and a reporting issuer in Ontario, Alberta and British Columbia, focused on becoming a leading provider of premium white silica sand proppant to oil operations on the Canadian side of the Williston Basin (southwestern Manitoba and across southern Saskatchewan), and natural gas operations in the Montney and Horn River basins along the Alberta – British Columbia border from its Seymourville Frac Sand Project, located northeast of Winnipeg, Manitoba. The Company also holds interest in minerals claims that are prospective for base and precious metals, wholly within the city limits of Timmins, Ontario. There are 90,092,164 common shares of the Company issued and outstanding.
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