Challenger Deep Resources Corp.
TSX VENTURE : CDE

Challenger Deep Resources Corp.

December 15, 2010 07:00 ET

Challenger Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Dec. 15, 2010) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES

Challenger Deep Resources Corp. ("Challenger" or the "Company") (TSX VENTURE:CDE) announces that it has successfully closed its previously announced non brokered private placement consisting of two million units for gross proceeds to the Company of $1,000,000 (the "Private Placement"). All of the units were sold to arm's-length investors at a purchase price of 50 cents per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share of the Company at any time until December 14, 2012 and is exercisable at a purchase price of 75 cents per share.

Finder's fees of $60,200 cash and 120,400 warrants were paid to eligible parties in connection with the Private Placement.

All securities issued in connection with the Private Placement are subject to a hold period expiring on April 15, 2011.

The gross proceeds from the Private Placement will be used for the investigation and acquisition of Indonesian coal exploration projects and for general corporate purposes.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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 of accuracy of this news release.

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