Canadian Resources House Limited

Canadian Resources House Limited

November 07, 2006 11:20 ET

Canadian Resources Announces $6.3 Million in Underwritten Private Placements

TORONTO, ONTARIO--(CCNMatthews - Nov. 7, 2006) -


Canadian Resources House Limited (CNQ:CRHL) announced today that it has entered into separate agreements with Haywood Securities Inc. and PowerOne Capital Markets Limited to raise an aggregate of $6.3 million through the sale of units on an underwritten private placement basis. Each of Haywood Securities Inc. and PowerOne Capital Markets Limited has agreed to raise $3.15 million pursuant to the terms of their respective engagement letters.

Each unit will be offered at a price of $0.90 per unit and will consist of one common share of the Company and one half of one common share purchase warrant, with each whole warrant being exercisable for one common share of the Company for a period of 18 months from the closing date at an exercise price of $1.50. The warrants will be subject to forced conversion at the Company's election if the common shares of the Company close at or above $2.25 (on a volume weighted average basis) for 25 consecutive trading days.

Net proceeds will be used to fund the advancement of the Kitongo Uranium Project in northern Cameroon to pre-feasibility study, finalize JV for acquisition of "brown-field" projects in Eastern Europe and Africa, commence exploration and/reconnaissance of additional areas in Africa, and for working capital and general corporate purposes.

The two underwritten private placements are expected to close concurrently on or about November 21, 2006, subject to the receipt of all regulatory and stock exchange approvals, the completion of standard documentation including the definitive underwriting agreements and satisfaction of other customary terms and conditions.

About the Company:

Canadian Resources House Limited is listed on the Canadian Trading and Quotation System Inc. (CNQ) and its trading symbol is "CRHL". The Company's wholly owned subsidiary, Nu Energy, is a private company incorporated under the laws of the British Virgin Islands. Nu Energy owns an 82% interest in both the Kitongo and Lolodorf uranium deposits located in the Republic of Cameroon, Africa. In addition it is looking at acquisitions of other brownfields projects in Africa, and Central and Eastern Europe. The Company has previously announced that Nu Energy entered into a memorandum of understanding with Edlow Resources Limited and Africa Nuclear Fuel to incorporate a joint venture whose principal business will be the sourcing, purchasing, transportation and upgrading of low-grade uraniferous secondary material as well as the subsequent marketing of the upgraded product.

Anthony Frizelle, President and CEO

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Forward-Looking Information:

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve or resource potential, exploration drilling, exploitation activities and events or developments that Canadian Resources House Limited (the "Company") expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

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