News ComingChannel Resources Ltd. ("Channel" or the "Company") (TSX VENTURE:CHU) is pleased to announce that it has entered into an agreement with Wellington West Capital Markets Inc. (the "Underwriter") to sell 14,710,000 units (the "Units") at a price of
.34 per Unit to raise aggregate gross proceeds of up to $5,001,400 on a "bought deal", private placement basis (the "Offering"). Each Unit will consist of one common share of Channel and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of Channel (a "Warrant Share") at a price of
.50 per Warrant Share for 24 months following the closing of the Offering.
Remember Wellington bought a ton at 34 cents so it is probably worth alot more than 24 cents, these prices are very cheap and new will be out this week, enjoy your week