Buchan to join Claude
Bob Buchan to join Claude Resources' board and provide private placement financing
9:00 AM ET, October 23, 2009
SASKATOON, Oct. 23, 2009 (Canada NewsWire via COMTEX) --
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES./
Trading Symbols
TSX - CRJ
NYSE Amex - CGR
Claude Resources Inc. ("Claude" or the "Company") is pleased toannounce Robert (Bob) Buchan, former Chairman and CEO of Kinross GoldCorporation, has agreed to a private placement financing in ClaudeResources Inc. and will join Claude's Board of Directors immediatelyupon closing of the financing.
Mr. Buchan and/or a charitable family trust will purchase 5 millionunits (the "Units") of Claude at a price of CDN $0.72 per Unit forproceeds of CDN $3,600,000 and 2 million common shares of Claude issuedon a "flow-through" basis at a price of CDN $0.85 per common share forproceeds of CDN $1,700,000. The aggregate gross proceeds of theoffering will be CDN $5,300,000. Each Unit will consist of one commonshare and one common share purchase warrant (a "Warrant"). Each Warrantwill entitle the holder to acquire one common share of Claude at aprice of CDN $0.90 per common share for a period of three yearsfollowing the closing date.
Neil McMillan, President and CEO of Claude, stated "We are pleasedto have someone of Bob Buchan's reputation and track record take astrategic interest in our Company. We are looking forward to thecontribution he can make to the long-term success of our Company andthe benefits this will provide to all shareholders."
Net proceeds from the offering of the Units will be used for generalcorporate purposes. Net proceeds from the offering of the"flow-through" shares will be used for expenditures which will be"Canadian Exploration Expenses" for the purposes of the Income Tax Act(Canada) and Claude will renounce such expenses with an effective dateno later than December 31, 2009.
The transaction, which is subject to regulatory approval, is expected to close on or about November 1, 2009.
The securities offered have not been registered under the UnitedStates Securities Act of 1933, as amended, and may not be offered orsold in the United States absent registration or an applicableexemption from the registration requirements. This press release shallnot constitute an offer to sell or the solicitation of an offer to buynor shall there be any sale of the securities in any state in whichsuch offer, solicitation or sale would be unlawful.
Claude Resources Inc. is a public company based in Saskatoon,Saskatchewan, whose shares trade on the Toronto Stock Exchange(TSX-CRJ) and the NYSE Amex (NYSE Amex-CGR). Claude is a goldexploration and mining company with an asset base located entirely inCanada. Since 1991, Claude has produced approximately 865,000 ounces ofgold from its Seabee mining operation in northeastern Saskatchewan. TheCompany also owns 100% of the 10,000 acre Madsen property in theprolific Red Lake gold camp of northwestern Ontario.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This Press Release may contain 'forward-looking' statementsregarding the plans, intentions, beliefs and current expectations ofthe Company, its directors, or its officers with respect to the futurebusiness activities and operating performance of the Company. The words"may", "would", "could", "will", "intend", "plan", "anticipate","believe", "estimate", "expect" and similar expressions, as they relateto the Company, or its management, are intended to identify suchforward-looking statements. Investors are cautioned that any suchforward-looking statements are not guarantees of future businessactivities or performance and involve risks and uncertainties, and thatthe Company's future business activities may differ materially fromthose in the forward-looking statements as a result of various factors.Such risks, uncertainties and factors are described in the periodicfilings with the Canadian securities regulatory authorities, includingthe Company's Annual Information Form and quarterly and annualManagement's Discussion & Analysis, which may be viewed on SEDAR atwww.sedar.com. Shouldone or more of these risks or uncertainties materialize, or shouldassumptions underlying the forward-looking statements prove incorrect,actual results may vary materially from those described herein asintended, planned, anticipated, believed, estimated or expected.Although the Company has attempted to identify important risks,uncertainties and factors which could cause actual results to differmaterially, there may be others that cause results not anticipated,estimated or intended. The Company does not intend, and does not assumeany obligation, to update these forward-looking statements.
%SEDAR: 00000498E %CIK: 0001173924
SOURCE: CLAUDE RESOURCES INC.
Neil McMillan, President & CEO, Phone: (306) 668-7505; or Rick Johnson, CFO &
Vice President of Finance, Phone: (306) 668-7505, Email:
clauderesources@clauderesources.com; Website: www.clauderesources.com