Churchill Resources Raises CAD 3M for Newfoundland & Labrador Projects
Churchill Resources Inc. (TSXV: CRI), a Canadian exploration company, has successfully closed a non-brokered private placement, raising CAD 3 million. The company issued 37,500,000 common shares at CAD 0.08 each.
The funds raised will be used to advance strategic assets in Newfoundland & Labrador, notably the Black Raven Antimony-Gold Project. The project is hosted on the company's flagship Black Raven property, which has a history of polymetallic metal production, including the historic Frost Cove Antimony Mine.
The private placement involved the issuance of securities subject to a statutory hold period of four months and one day. The company's board of directors approved the grant of an aggregate of 8.2 million stock options to certain directors, officers, and consultants. Additionally, the company paid eligible finders a cash fee of CAD 210,000 and issued 2,625,000 non-transferrable finders warrants.
Churchill Resources Inc. focuses on strategic, critical minerals in Canada, principally in Newfoundland and Labrador. The recent funding will facilitate the advancement of key projects, contributing to the company's growth and exploration efforts.
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