Churchill Resources Closing of Second and Final Tranche of $2M Private Placement
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Churchill Resources Closing of Second and Final Tranche of $2M Private Placement
TORONTO, November 25, 2024 (GLOBE NEWSWIRE) – Churchill Resources Inc. (“Churchill” or
the “Company”) (TSXV: CRI) is pleased to announce that it has completed the second and final
tranche of its $2,000,000 non-brokered private placement consisting of the sale today of 2,500,000
common shares which were issued on a “flow-through” basis at a price of $0.08 per share (each an “FT
Share”) for gross proceeds of $200,000 (and together with the sale of $1,800,000 FT Shares completed
on November 22, 2024, the “Offering”).
The Company intends to use the gross proceeds of the Offering for the exploration of the Company’s
key projects in Newfoundland and Labrador. The gross proceeds from the issuance of the FT Shares
will be used for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada))
(the “Qualifying Expenditures”), and that qualify for the federal 30% Critical Mineral Exploration Tax
Credit, which will be renounced with an effective date no later than December 31, 202 4 to the
purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the
issue of the FT Shares.
The FT Shares are subject to a statutory hold period of four months and one day, and remain subject
to the final approval of the TSX Venture Exchange (the "TSXV"). In connection with the Offering, the
Company paid 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 poten tial 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 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 achievements 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 proper ties; 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 p rograms 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, development 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 regulati ons 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 speculativ e 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; tit le to properties; and 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. Accordingly,
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.