Fort Chimo Minerals Inc.

July 06, 2005 14:28 ET

Fort Chimo Completes Private Placement

TORONTO, ONTARIO--(CCNMatthews - July 6, 2005) - Fort Chimo Minerals Inc. announces that it has completed a private placement of 3,250,000 Units for gross proceeds of $325,000. Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to acquire a common share at an exercise price of $0.20 for a period of two years.

The Company has granted options to purchase an aggregate of 3.15 million common shares at an exercise price of $0.20 for a period of two years to officers and directors of the Company.

The Company's diamond drill is currently on-site at the Erikson Base Metal Project located in Ungava, Northern Quebec. Seven geophysical targets have been identified for the Company's preliminary drill program to commence by July 10, 2005.

The drill program will be carried out under the supervision of Dr. Ulrich H. Kretschmar, the qualified person within the meaning of National Instrument 43-101. Dr. Kretschmar will be responsible for all technical information disseminated by the Company.

Shares Outstanding: 34,037,998

Contact Information

  • Fort Chimo Minerals Inc.
    James M. Brady
    (416) 368-0999
    (416) 368-6836 (FAX)