Choice Resources Corp.
TSX VENTURE : CZE

Choice Resources Corp.

November 24, 2006 17:41 ET

Choice Announces Closing of Private Placement Expected to Benefit Charities

CALGARY, ALBERTA--(CCNMatthews - Nov. 24, 2006) - Choice Resources Corp. (TSX VENTURE:CZE) ("Choice" or the "Corporation") announces that it has closed its previously announced non-brokered private placement. Pursuant to the placement, Choice issued 2,000,000 flow-through common shares at a price of $0.75 per share (the "Flow-Through Shares") for gross proceeds of $1,500,000. All of the investors who purchased the Flow-Through Shares have indicated to the Corporation that they intend to donate such shares to charitable organizations. In addition, as no finder's fees or commissions were paid by the Corporation in connection with this private placement, Choice has volunteered to make a cash donation of $100,000 to a charitable organization prior to year end.

Choice is proud to have been part of this financing that is expected to benefit Canadian charitable organizations and believes that it could well be the first, or one of the first, financings of its kind in Canada.

The proceeds from the private placement will be used by the Corporation to fund the continued exploration and development of the Corporation's oil and natural gas properties.

All shares issued in connection with the private placement will be subject to a hold period which will expire March 25, 2007.





The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Choice Resources Corp.
    Gordon D. Harris
    President and CEO
    (403) 216-5821
    (403) 216-5828 (FAX)
    Email: gharris@choiceresources.ca
    or
    Choice Resources Corp.
    Steve Austin
    Chief Financial Officer
    (403) 216-5821
    (403) 216-5828 (FAX)
    Email: saustin@choiceresources.ca
    or
    Choice Resources Corp.
    1100, 550 - 11th Avenue S.W.
    Calgary, Alberta T2R 1M7