TORONTO, ONTARIO--(Marketwired - Jan. 31, 2014) - Claim Post Resources Inc. (TSX VENTURE:CPS) (the "Company") announces that it has extended its non-brokered private placement offering (the "Offering") for an additional 30 day period from February 3, 2014. The first tranche of the Offering closed on December 18, 2013 for gross proceeds for $135,000 (see press release dated December 24, 2013) and the second tranche closed today for gross proceeds of $68,000. The Company issued a total of 1,360,000 Units, with each Unit consisting of one common share and one warrant. Each warrant entitles the holder to purchase one common share of the Company at a purchase price of $0.10 per share for a period of 36 months from the date of issuance.
In connection with the closing of the second tranche of the Offering, the Company paid total cash finder fees of $4,760 and issued a total of 95,200 three-year finder warrants at a strike price of $0.10. The aggregate proceeds received from the Offering will be used (1) to carry out a minimum 1,000 meter drilling program towards completing a resource estimation of the "Seymourville Frac Sand Project" in accordance with NI 43-101 standards; (2) to complete a scoping study on the project (Preliminary Economic Assessment); which will allow the Company to test the market for forward selling Frac Sand; and (3) for general working capital purposes.
All securities issued are subject to a four (4) month hold period from the date of closing.
Claim Post Resources Inc. is a Canadian based mineral exploration company and a reporting issuer in Ontario, Alberta and British Columbia. The Company is focused on becoming a leading provider of premium white silica sand proppant to oil operations the Williston Basin (both the Canadian and U.S. sides of the Border), and natural gas operations in the Montney and Horn River basins along the Alberta - British Columbia border from its Seymourville Frac Sand Project, located northeast of Winnipeg, Manitoba. Claim Post also has mineral claims in the Timmins area for gold and base metal exploration. There are 96,452,164 common shares of the Company currently 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.