Champion Minerals Inc.

Champion Minerals Inc.

July 27, 2009 16:49 ET

Champion Minerals Financing Update

TORONTO, ONTARIO--(Marketwire - July 27, 2009) - CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:CHM)(FRANKFURT:P02) announces that further to its announcement dated June 12, 2009, it is proceeding and working towards the completion of a non-brokered private placement (the "Private Placement") of up to 3,000,000 units ("Units") of Champion at a price of $0.25 per Unit for total proceeds of up to $750,000. The terms of the Private Placement were detailed in the June 12, 2009 announcement. The Company anticipates closing the Private Placement no later than August 27, 2009.

The Private Placement is subject to regulatory approval. Directors and/or officers of the Corporation may intend to purchase Units pursuant to the Private Placement. All securities issued pursuant to the Private Placement will be subject to the applicable statutory, exchange and regulatory hold period.

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 results, 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