thanks to my broker....i was shorting at .40cents today..cheque is signed and will mail it today to get into pp
Mr. Colin McAleenan reports
CHANNEL RESOURCES ANNOUNCES $5 MILLION BOUGHT DEAL PRIVATE PLACEMENT
Channel Resources Ltd. has entered into an agreement withWellington West Capital Markets Inc. to sell 14.71 million units at aprice of 34 cents per unit to raise total gross proceeds of up to$5,001,400 on a bought-deal, private-placement basis. Each unit willconsist of one common share of Channel and one-half of one common sharepurchase warrant. Each warrant will entitle the holder thereof topurchase one common share of Channel at a price of 50 cents per warrantshare for 24 months following the closing of the offering.
Channelwill also grant to the underwriter an option, exercisable at any timeup to 48 hours prior to the closing of the offering, to purchase up to7,355,000 additional units of Channel at a price of 34 cents per unitfor additional gross proceeds to the company of up to $2,500,700.