Champion Natural Inc.

October 11, 2006 16:23 ET

Champion Natural Inc.: Name Change, Share Consolidation and Share Exchange Approved at Meeting of Shareholders

TORONTO, ONTARIO--(CCNMatthews - Oct. 11, 2006) -

Not for dissemination in the United States of America

CHAMPION NATURAL HEALTH.COM INC. (CNQ:CHPG.U) ("Champion" or the "Corporation") announced today that the various matters comprising the proposed name change, share consolidation and share exchange of the Corporation as set out in the news release of July 13, 2006 were approved at the Corporation's annual and special meeting of shareholders held on September 13, 2006.

The Corporation currently has 9,158,303 subordinate voting shares outstanding and 217,758 multiple voting shares outstanding.

The board of directors has set the consolidation ratio for the subordinate voting shares and for the multiple voting shares at 1:6. Following such consolidation, each one (1) post-consolidation subordinate voting share will be exchanged for one (1) common share and each one (1) post-consolidation multiple voting share will be exchanged for one hundred (100) common shares. Concurrently with these changes, the name of the Corporation will be changed to Champion Minerals Inc.

Following the filing of the Articles of Amendment to implement these changes - which is anticipated to be completed in the near future - the Corporation will have outstanding approximately 5,155,684 common shares (and no shares of any other class).

As announced in the afore-mentioned news release of July 13, 2006, the Corporation also intends to proceed with a private placement of new Common Shares (the "Private Placement"). The Corporation intends to use the proceeds from the Private Placement as general working capital and to complete the initial phase of the exploration program on the Powderhorn Property. The Corporation may also issue new Common Shares at the same price and terms as set in the Private Placement to settle outstanding debts of up to $200,000.

The CNQ has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Champion Natural Inc.
    Thomas G. Larsen
    President and CEO
    (416) 866-2200