TORONTO, ONTARIO--(Marketwired - Dec. 24, 2013) - Claim Post Resources Inc. (TSX VENTURE:CPS) (Claim Post or the "Company") is pleased to announce that it has closed a second tranche of Financing in the amount $135,000 of which $75,000 consists of 1,500,000 Units offered at $0.05 per Unit, with each Unit representing one Common Share and one three-year Warrant at a strike price of $0.10; and $60,000 in the form of 1,000,000 Flow Through Units priced at $0.06 per Unit, with each Flow Through Unit representing one Flow Through Common Share and one three-year Warrant at a strike price of $0.10.
In connection with the closing of this second tranche of the Financing, the Company paid total cash finder fees of $9,450 and issued a total of 175,000 three-year finder warrants at a strike price of $0.10.
The aggregate proceeds received from the Financing 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 standards; (2) to complete a scoping study on the project (Preliminary Economic Assessment); which will allow the Company to test the market for forward selling Frac Sand; and (3) for general working capital purposes.
Claim Post Resources Director Mr. Julian Kemp decided not to stand for re-election at the Annual Meeting. Management would like to thank him for his sage advice and timely decision making. Julian has been instrumental to the success of Claim Post and has been a director since 2006.
Claim Post is pleased to announce the addition of two new Directors, John Assman, President of Landtran Logistics and Claim Post Resources' largest shareholder and Lowell Jackson, Executive Chairman of Kaiser Energy (a Private Oil Company). Their guidance will be of great benefit to the Company going forward.
Director Biography
John Assman is the third generation owner, President and C.E.O. of Landtran Systems Inc. John began his career by working in various aspects of the family's trucking and distribution company. He has held various positions including line haul driver, salesman, terminal manager, Chief Operating Officer, and for the last 23 years as President. John's main responsibilities in the group are the strategic direction of the organization, labour relations and high level marketing. John has a Bachelor of Arts degree in Economics from Simon Fraser University. He is a member of the Council of Supply Chain Management, past board member of AEDA (Alberta Economic Development Agency) and a past executive director of the Alberta Motor Transport Association.
Lowell Jackson is a Professional Engineer, currently serving as Executive Chairman of Kaiser Energy Ltd., a private Energy Company. Lowell served as the Chief Executive Officer and President of Long Run Exploration Ltd. (WestFire Energy Ltd.) since December 2007 until October 2012. He served as the Chief Executive Officer and President of Tristar Oil & Gas Ltd. from 1997 to 2007 and also served as its Acting Chief Financial Officer. He served at Grad & Walker Energy Corporation from March, 1991 to July, 1997, holding various responsibilities including Senior Vice President and Chief Operating Officer. Lowell also worked at Atlantic Richfield, Mesa Petroleum, PanCana, GeoCrude and Canada Northwest Energy.
Lowell has over 30 years of extensive experience in the engineering, operations and exploration aspects of the oil and gas industry, both domestic and international. He serves as a Director of Real Resources Inc. He has been a Director of Long Run Exploration Ltd. since December 13, 2007. He served as a Director of Tristar Oil & Gas Ltd since January 1998. He is actively involved in CAPP, APEGGA, and CICF. Mr. Jackson graduated from the University of Saskatchewan with a Bachelor of Science in Mechanical Engineering in 1973.
The Company's President and C.E.O., Charles Gryba commented: "We are pleased to have John Assman and Lowell Jackson join Claim Post's Board. Claim Post is evolving into becoming a Frac Sand provider to the North American Oil and Gas Industry. Our Seymourville silica deposit is in the right location, 1000km closer to the Canadian Market then Wisconsin, but Frac Sand has to be sold and distributed. Lowell is a highly experienced executive in the Canadian Oil and Gas Industry and John strong expertise the trucking, distribution and logistics business throughout the main LNG - natural gas basins along the Alberta - British Columbia border."
Claim Post would also like to amend both the Finder Fee and Warrant amounts stated in its November 11th 2013 Press Release. The correct number for the Finder Fee is $112,420 and for the Warrants, the correct amount is 2,069,900.
Claim Post is also pleased to report that the Company has made a property payment to Gossan Resources Ltd. in the amount of 2,000,000 Claim Post common shares. The payment is in accordance with the agreement pursuant to which Claim Post has agreed to purchase Gossan Resources' "Manigotagan Silica Sand Project."
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 - Bakkens (southwestern Manitoba and across southern Saskatchewan), and natural gas operations in the Montney, Horn River and Laid basins along the Alberta - British Columbia border from its Seymourville Frac Sand Project, located 200km northeast of Winnipeg, Manitoba. The Company also holds 100% interest in minerals claims that are prospective for base and precious metals, wholly within the city limits of Timmins, Ontario. There are 94,592,164 common shares of the Company issued and outstanding.
Statements in this release that are forward-looking reflect the Company's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's periodic filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.