Claim Post Resources Inc.

Claim Post Resources Inc.

November 22, 2010 15:04 ET

Claim Post Resources Engages Pope & Company for Financing

TORONTO, ONTARIO--(Marketwire - Nov. 22, 2010) - Claim Post Resources Inc. (TSX VENTURE:CPS) (the "Company") is pleased to announce that the Company has engaged Pope & Company Limited (the "Agent") to undertake the placement, on a best efforts basis, of up to 10 million Units consisting of a combination of Common Share Units at a purchase price of CAD $0.25 and Flow Through Units at a purchase price of CAD $0.30. Each Common Share Unit will consist of one common share and one-half of one common share purchase warrant (a "Warrant"). Each Flow Through Unit will consist of one Flow Through share and one-half Warrant. Each Warrant will entitle the holder thereof to purchase one common share at a price of CAD $0.50 per share at anytime 24 months from closing. All securities issued on closing will be subject to a four month hold period.

The funds raised will primarily be used for advancing both the Dayton-Racetrack gold property and Kamiskotia base metal - gold properties all 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 continue our relationship with Pope & Company who sponsored the listing of Claim Post in April, 2010. The majority of the Flow Through funds from this financing will be used to diamond drill the Dayton Gold Zone down plunge to the west; guided by the Deep IP program completed in September, 2010."

In consideration of providing their financial advisory services the Agent will receive a fee of 8% of gross proceeds of the offering. The Agent will also receive Broker Units which are convertible at the issue price into a number of Common Share Units as is equal to 10% of the number of Units sold. 

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 ground as it becomes available. There are 27,957,165 common shares of the Company 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
    Pope and Company
    James Doyle
    International Mining Finance
    First Canadian Capital
    Daniel Boase
    Managing Partner
    Claim Post Resources Inc.
    Peter Gryba
    Corporate Affairs