Champion Minerals Inc.

Champion Minerals Inc.

November 26, 2008 13:01 ET

Champion Reprices and Increases Financing Up to $1,200,000

TORONTO, ONTARIO--(Marketwire - Nov. 26, 2008) - CHAMPION MINERALS INC. ("Champion" or the "Company")(TSX VENTURE:CHM) announces a repricing and increase in the size of the private placement (the "Private Placement") previously announced on November 11, 2008. The offering of Flow-Through Units (the "Units") in the Private Placement, which is being arranged with Becher McMahon Capital Markets Inc. ("BMCM"), has been repriced at 40 cents per Unit from 45 cents per unit. The maximum size of the Private Placement has increased up to $1,200,000 from $500,000 which was originally announced.

Each Unit will consist of one common share (the "Common Shares") to be issued on a "flow-through" basis under the Income Tax Act (Canada) and one half of one non-transferable non-flow-through share purchase warrant of the Company (the "Unit Warrants"). Each Unit Warrant will have a term of 18 months and will entitle the holder to purchase one Common Share at a price of 70 cents per share.

All securities to be issued pursuant to this Private Placement will be subject to a four-month hold period. Subject to regulatory approval, the Company will pay an agent's fee equal to 8% of the gross proceeds of the completed Private Placement, and further, the Company will issue agent's share purchase warrants (the "Agent's Warrants"), equal to 10% of the number of Units subscribed for pursuant to the Private Placement. The Agent's Warrants would entitle the holder to purchase a non-flow-through Common Share of the Company at a price of 40 cents per share.

The net proceeds of the Private Placement will be used to finance continued exploration programs at Champion's exploration projects in Northeastern Quebec. The Private Placement is subject to approval by the TSX Venture Exchange.

About Becher McMahon Capital Markets

Becher McMahon Capital Markets, with offices in Toronto, Ontario and Montreal, Quebec, is an independent Limited Market Dealer, which focuses on the success of small cap companies in three primary markets: resource and energy, technology and life sciences. For more information please contact Campbell Becher, Becher McMahon Capital Markets Inc. (647) 426-1660.

About Champion Minerals Inc.

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

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
    (416) 866-2200
    (416) 361-1333 (FAX)