Kudu Partners L.P.

March 02, 2011 13:34 ET

Kudu Partners Subscribes for Securities of Challenger Deep Resources Corp.

CALGARY, ALBERTA--(Marketwire - March 2, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES

Kudu Partners L.P. ("Kudu Partners"), of 6510 E Dewey Dr., Coeur d'Alene, Idaho, announces that pursuant to a non-brokered private placement (the "Unit Offering") of Challenger Deep Resources Corp. ("Challenger Deep") of units (the "Units") at $0.75 per Unit completed on February 28, 2011, Kudu Partners subscribed for 1,500,000 Units of Challenger Deep for a total subscription price of CAD$1,125,000. Each Unit consists of one common share and one common share purchase warrant (each a "Warrant") exercisable at $0.90 for a period of three years from the date of issuance. Immediately following the closing of the Unit Offering, Kudu Partners had beneficial ownership of, and control and discretion over, directly or indirectly, 1,500,000 common shares, or approximately 6.11% of the issue and outstanding common shares of Challenger Deep. If Kudu Partners exercises all of the Warrants purchased under the Unit Offering, it will have beneficial ownership of, and control and discretion over, directly or indirectly, 3,000,000 common shares (or 11.51%) in the capital of Challenger Deep.

Kudu Partners acquired beneficial ownership of, and control or discretion over, the common shares and Warrants that are the subject of this report for investment purposes and intends to review its investment in Challenger Deep on a continuing basis.

For further information, including to obtain a copy of the report filed by Kudu Partners in accordance with applicable Canadian securities laws, please contact Brian Lupien at (208) 667-1513.

Contact Information

  • Kudu Partners L.P.
    Brian Lupien
    (208) 667-1513