CALGARY, March 25 /CNW/ - (TSX Venture: CBA) - Champion Bear Resources Ltd. ("Champion Bear" or the "Company") announced today that it has completed the private placement of 2,250,000 units at a price of $1.25 per unit for total gross proceeds of $2,812,500. Each unit of the Company consists of one common share and one-half of one common share purchase warrant, each whole common share purchase warrant entitling the holder thereof to acquire one common share at a price of $1.65 per share at any time prior to September 25, 2005.
In connection with the private placement Champion Bear paid a finder's fee in the aggregate amount of $250,000 to arm's length persons. All of the common shares and warrants issued by Champion Bear pursuant to the private placement are subject to a four-month hold period and are subject to restrictions on resale prior to July 26, 2004.
Champion Bear intends to use the net proceeds of the offering to continue its re-evaluation of the Plomp Farm Gold Property, test the Parkin Township Halcyon MMI Au, PGE and base metal targets, identify drill targets on its Iron Mask Olympic Dam target and for general corporate purposes.
Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The Company's primary target is platinum group and precious metals and to a lesser extent polymetallic base metal and pegmatite-hosted tantalum deposits. Champion Bear's aim is to create shareholder value through selective property acquisition and joint venture followed by focused exploration emphasizing drilling. The Company has assembled a large land position in the Dryden and Sudbury areas, totalling over 16,000 hectares.
Forward looking statements - statements included in this press release that are not historical facts may be considered "forward looking statements". All estimates and statements that describe the Company's objectives, goals or future plans are forward looking statements. Forward looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
/For further information: Richard D. Kantor, President of Champion Bear Resources Ltd. at Phone: (403) 229-9522 or Fax: (403) 229-9518; Champion Bear's website is www.championbear.com/
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