Canadian Resources House Limited
CNQ : CRHL

Canadian Resources House Limited

November 14, 2006 16:30 ET

Canadian Resources Announces Increase in Financing

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

On November 7, 2006, Canadian Resources House Limited (CNQ:CRHL) announced that it had entered into agreements with Haywood Securities Inc. and PowerOne Capital Markets Limited (collectively, the "Underwriters") to raise an aggregate of $6.3 million through the sale of units at a price of $0.90 per unit on an underwritten private placement basis (the "Initial Private Placement"). Particulars of the Initial Private Placement and the units to be issued thereunder are described in the November 7, 2006 press release of the Company.

The Company announced today that, in addition to the units to be issued under the Initial Private Placement, the Underwriters have agreed to raise, on a best efforts agency basis, an additional $5.6 million through the sale of units at a price of $1.60 per unit (the "Subsequent Private Placement"). Haywood Securities Inc. will offer 2.5 million units, and PowerOne Capital Markets Limited will offer 1.0 million units, under the Subsequent Private Placement.

Each unit issued under the Subsequent Private Placement 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 $2.40 per share. The warrants will be subject to forced conversion at the Company's election if the common shares of the Company close at or above $3.60 per share (on a volume weighted average basis) for 25 consecutive trading days.

Net proceeds from the Initial Private Placement and the Subsequent Private Placement 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, initiate reconnaissance and continue investigation of other areas of interest in Africa, and for working capital and general corporate purposes.

The Initial Private Placement and the Subsequent Private Placement are expected to close concurrently on or about November 27, 2006, subject to the receipt of all regulatory 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 the Company 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 may include certain statements that could 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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