Champion Minerals Inc.

Champion Minerals Inc.

September 14, 2009 09:00 ET

Champion Minerals Completes Financing

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2009) - CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:CHM) announced completion of its previously-announced non-brokered private placement (the "Private Placement") subject to final TSX Venture Exchange acceptance. Champion issued 3,200,000 units ("Units") at a price of $0.25 per Unit for total proceeds of $800,000. Each Unit consists of one common share (a "Common Share") and one non-transferable share purchase warrant (a "Unit Warrant") of the Company. Each Unit Warrant has a term of 18 months and entitles the holder to purchase one Common Share at a price of $0.50 per share at any time on or before March 14, 2011. If the average closing price of the Common Shares is over $0.75 for a period of 20 consecutive business days (following the expiry of the hold period), the Warrants must be exercised within ten business days of receiving written notice from the Company or they are to be terminated. All securities issued pursuant to the Private Placement are subject to the applicable statutory, exchange and regulatory hold period expiring January 15. 2010. The net proceeds of the Private Placement will be used for working capital and to finance continued exploration programs on Champion's properties.

About Champion Minerals Inc.

Champion is an exploration company focused on discovering and developing significant metal resources in eastern Canada, particularly in the Provinces of Labrador and Newfoundland, and Quebec. The Company's projects include the Attikamagen Iron Property, located in western Labrador and northeastern Quebec, the Fermont Iron Property in northeastern Quebec and the Powderhorn and Gullbridge Base Metal Projects located in central Newfoundland.

Statements in this release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or result, may vary materially from those in these "forward-looking statements.

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

Contact Information

  • Champion Minerals Inc.
    Thomas G. Larsen
    President and CEO
    (416) 866-2200
    Champion Minerals Inc.
    Jorge Estepa
    Vice President
    (416) 866-2200