Churchill Resources Announces Fully Subscribed $2M Private Placement
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Churchill Resources Announces Fully Subscribed $2M Private Placement
TORONTO, November 12, 2024 (GLOBE NEWSWIRE) – Churchill Resources Inc. (“Churchill” or
the “Company”) (TSXV: CRI) is pleased to announce a non-brokered private placement consisting of
the sale of 2 5,000,000 common shares to be issued on a “flow -through” basis at a price of $0.08 per
share (each an “FT Share”) for total gross proceeds of $2,000,000 (the “Offering”).
The gross proceeds received from the sale of the FT Shares will be used to incur "Canadian exploration
expenses" as defined in subsection 66.1(6) of the Income Tax Act (Canada) (the "Tax Act") on the
Company’s properties in Newfoundland and Labrador and renounced to subscribers in the Offering with
an effective date no later than December 31, 202 4. Such Canadian exploration expenses will also
qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act.
Closing of the Offering is expected to occur on or about November 22, 2024, and is subject to the
satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the
approval of the TSX Venture Exchange (the "TSXV"). In connection with the Offering, the Company will
pay to eligible finders a cash fee equal to 7.0% of the gross proceeds raised by the Company from the
sale of FT Shares to subscribers directly introduced to the Company by such finders.
About Churchill Resources Inc.
Churchill Resources Inc. is a Canadian exploration company focused on high grade, magmatic nickel
sulphides in Canada, principally at its prospective Taylor Brook and Floren ce Lake properties in
Newfoundland & Labrador. The Churchill management team, board and its advisors have decades of
combined management experience in mineral exploration and in the establishment of successful
publicly listed mining companies, both in Canada and around the world. Churchill’s Taylor Brook and
Florence Lake projects have the potential to benefit from the province’s large and diversified minerals
industry, which includes world class nickel mines and processing facilities, and a well-developed mineral
exploration sector with locally based drilling and geological expertise.
Further Information
For further information regarding Churchill, please contact:
Churchill Resources Inc.
Paul Sobie, Chief Executive Officer
Tel. +1 416.365.0930 (o)
+1 647.988.0930 (m)
Email [email protected]
Alec Rowlands, Corporate Consultant
Tel. +1 416.721.4732 (m)
Email [email protected]
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Cautionary Note Regarding Forward Looking Information
This news release contains "forward -looking information" and "forward -looking statements" (collectively, forward -looking
statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of
this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects",
or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", “proposed”, "budget", "scheduled",
"forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions,
events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical
fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things,
the receipt of all applicable regulatory approvals for the Offering; the completion of the Offering on the terms described
herein or at all, the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the
Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at
any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing
availability.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company
at the time such statements were made. Actual future results may differ materially as forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of the Company to materially differ from any future results, performance or ach ievements expressed or
implied by such forward -looking statements. Such factors, among other things, include: the expected benefits to the
Company relating to the exploration conducted and proposed to be conducted at the Company’s properties; failure to
identify any mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties
relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the
Company’s properties; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in
spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as
the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation,
controls, regulations and political or economic developments; risks and hazards associated with the business of mineral
exploration, developmen t and mining (including environmental hazards, industrial accidents, unusual or unexpected
formations pressures, cave -ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the
presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations;
relationships with and claims by local communities and indigenous populations; availability of increasing costs associated
with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of
obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are
explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration;
changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are
not conclusive evidence of the likelihood of a mineral deposit; title to properties; a nd those factors described in the most
recently filed management’s discussion and analysis of the Company. Although the forward-looking statements contained
in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable
assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward -looking
statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. According ly,
readers should not place undue reliance on forward -looking statements and information. There can be no assurance that
forward-looking information, or the material factors or assumptions used to develop such forward -looking information, will
prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-
looking statements, except as required by applicable securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news release.