Claim Post Resources Inc.

Claim Post Resources Inc.

February 26, 2010 18:24 ET

CORRECTION FROM SOURCE: Claim Post Announces Completion of Third Tranche Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Feb. 26, 2010) - A correction from source is issued with respect to the release issued for Claim Post Resources Inc. on February 26, 2010 at 5:18 p.m. ET. The release made reference to the second tranche of a non-brokered private placement when "third tranche" was intended. The complete and correct release follows.

Claim Post Resources Inc. (the "Company" or "Claim Post") is pleased to announce that it has completed a third tranche of 1,626,000 Units (the "Units") of its non-brokered private placement (the "Private Placement") at a price of $0.25 per Unit for gross proceeds of $406,500.

Each Unit consists of one common share ("Common Shares") and one-half of one transferable common share purchase warrant of the Company (the "Warrants"). Each Warrant has a term of 24 months and entitles the holder to purchase one common share of the Company at a price of $0.50 per share.

All securities issued pursuant to the Private Placement are subject to a four-month hold period.

In connection with the Private Placement, the Company paid a finder's fee equal to 8% of the gross proceeds of the Private Placement, and further, the Company issued 182,600 finder's fee options entitling the holder to purchase 182,600 finder's units ("Finder's Units") of the Company at $0.25 per Finder's Unit. Each Finder's Unit consists of one common share of the Company and one-half of one Warrant. Each whole Warrant will have a term of 24 months and will entitle the holder to purchase one common share of the Company at a price of $0.50 per share.

The gross proceeds of the Private Placement will be used for exploration of the Company's properties and for working capital.

The Company is also pleased to announce the launch of its corporate website at www.claimpostresources.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Claim Post Resources Inc.
    Charles Gryba
    President and Director
    416 594 3223
    or
    Claim Post Resources Inc.
    Peter Gryba
    Corporate Affairs
    416 203 3776
    www.claimpostresources.com