Caribou King Resources Ltd.
TSX VENTURE : CKR
FRANKFURT : CB8

Caribou King Resources Ltd.

October 19, 2015 17:33 ET

Caribou Announces Name Change and Extension of Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 19, 2015) - CARIBOU KING RESOURCES LTD. ("Caribou" or the "Company") (TSX VENTURE:CKR)(FRANKFURT:CB8) announces that it intends to change the name of the Company to CKR Carbon Corporation and extend the closing of the previously announced financing.

The name change to CKR Carbon Corporation reflects the Company's core focus on developing its graphite projects in Quebec and Namibia. In particular, the company's Aukam project in Namibia has several surface dumps where previous work, conducted by Gecko Laboratories on behalf of Next Graphite, has demonstrated an average grade of 41.16% Cg from 82 samples of bulk-screened material. In addition to surface material, graphite is exposed in underground adits, although insufficient work has been completed to assess the amount of graphite in the workings. The company is currently rehabilitating the adits in order to assess the potential for future mining of graphite. The name change is subject to approval of the TSX Venture Exchange.

The company has also extended the closing of its previously announced financing (see news releases dated 25 August 2015 and 3 September 2015) until October 30th. The non-brokered private placement is for up to 6.5 million units (the "Offering") at a unit price of $0.10 per unit for gross proceeds of $650,000. Each Unit is comprised of one common share ("Share") and one-half of one share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase an additional Share at a price of $0.15 per Share for a period of 12 months. Proceeds from the Offering will be used to complete a test mining program at the Aukam project, reduce short term payables and for general working capital.

About Caribou King Resources Ltd.

Caribou King Resources Ltd. is a publicly-traded, Canadian company focussed on advancing its portfolio of highly prospective graphite projects at various stages of development in Canada and Namibia. The company is listed on the TSX Venture Exchange under the symbol CKR and has 20.5 million shares outstanding.

Roger Moss Ph.D., P.Geo, Interim CEO and a qualified person has approved the technical information in this news release.

For more information, visit the website at www.caribouking.com.

"Neither 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 release."

Contact Information

  • Caribou King Resources Ltd.
    Roger Moss
    Interim CEO
    416-704-8291

    Caribou King Resources Ltd.
    Mike England
    Director
    (604) 683-3995
    info@caribouking.com