Champion Minerals Inc.

Champion Minerals Inc.

December 29, 2009 19:12 ET

Champion Minerals Increases Financing Up to $5,100,000 and Proposes Additional $1,680,000 Financing

TORONTO, ONTARIO--(Marketwire - Dec. 29, 2009) - CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:CHM)(FRANKFURT:P02) announces that further to its announcements dated December 21, 2009 and November 26, 2009, it is increasing the amount and working towards the completion of a non-brokered private placement (the "Private Placement") of up to $5,100,000 in total proceeds from up to 6,545,454 Flow-Through Units ("F-T Units") of Champion at a price of $0.55 per F-T Unit, and up to 3,800,000 Units ("Units") of Champion priced at $0.50 per Unit, or such other combination of Units and F-T Units as the Company may determine. The terms of the Units and F-T Units comprising the Private Placement were detailed in the November 26, 2009 announcement and remain unchanged with the exception of the increase in the size of the offering and the possible change in the combination of Units and F-T Units.

The Company is also proposing an additional non-brokered private placement of up to 3,500,000 common shares at a price of $0.48 per common share for total proceeds of up to $1,680,000.

The Private Placements are subject to regulatory approval. 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 the continued exploration programs at the Fermont Iron Property (the "Property") and in particular the Property's 25km2 Mammoth Zone on the Harvey-Tuttle Claim Block.

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 Quebec and Newfoundland and Labrador. 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.

The statements made in this news 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.

Neither the 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 news release.

Contact Information

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