Claim Post Resources Inc.

Claim Post Resources Inc.

December 13, 2010 14:33 ET

Claim Post Resources Completes Initial Tranche of Financings

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2010) - Claim Post Resources Inc. (the "Company") (TSX VENTURE:CPS) is pleased to announce that on December 10, 2010, the Company completed the first tranche of its previously announced private placement financings. Pope & Company Limited (the "Agent") acted as the agent for the private placements. The Company issued a total of 3,280,000 Common Share Units and 1,010,000 Flow-through Units for aggregate gross proceeds of $1,123,000. Each Common Share Unit consists of one common share and one-half of one common share purchase warrant. Each Flow-Through Unit consists of one Flow Through share and one-half of one common share purchase warrant. For both financings, each Warrant ( A Warrant) entitles the holder thereof to purchase one common share at a price of CAD $0.50 per share on or before December 10, 2012. All securities issued on closing are subject to a four- month hold period from the date of closing.

The funds raised will primarily be used for advancing both the Dayton-Racetrack gold property and Kamiskotia base metal - gold properties within the city limits of Timmins, Ontario and for working capital purposes.

Charles Gryba, President and CEO of Claim Post Resources, made this comment: "We are pleased to have completed the first tranche of the private placements brokered by Pope & Company, who also sponsored the listing of Claim Post in April, 2010. The majority of the Flow Through funds from this financing will be used for diamond drilling the Dayton Gold Zone down plunge to the west; based on the Deep IP program completed in September, 2010."

In consideration of providing their financial advisory services the Agent received a cash fee of 8% of gross proceeds of the offering. The Agent also received 429,000 Broker Units which are convertible at the price of $0.25 per Unit into one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share on the same terms as noted above.

Claim Post Resources Inc. is a Canadian based mineral exploration company and a reporting issuer in Ontario, Alberta and British Columbia. The Company currently holds a 100% interest in the mineral rights to about 1145 staked claim units and 63 patented claims (~200 km2 or 72 square miles) wholly within the city limits of Timmins, Ontario. The Company continues to stake strategically relevant ground as it becomes available. After completion of the initial private placement the Company has 32,247,165 common shares issued and outstanding.

Statements in this release that are forward-looking reflect the Company's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's periodic filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.

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

  • Claim Post Resources Inc.
    Charles Gryba
    President and Director
    416 801 6366
    First Canadian Capital Corp
    Daniel Boase
    Managing Partner
    416 742 5600