Daily Stock Setups

Champion Minerals to privately place USD3.0m

Posted on: Fri, 27 Nov 2009 06:12:00 EST

Symbols: CHM, CPMNF

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Nov 27, 2009 (M2 EQUITYBITES via COMTEX) --
CPMNF | Quote | Chart | News | PowerRating -- Exploration company Champion Minerals Inc
(TorontoVE: CHM | Quote | Chart | News | PowerRating)(Frankfurt:P02) said on Thursday that it plans to
complete a non-brokered private placement of up to 2,727,272
Flow-Through Units (F-T Units) of Champion at a price of USD0.55 per
F-T Unit, and up to 3,000,000 units of Champion priced at USD0.50 per
unit for total proceeds of up to USD3.0m.

This private placement is subject to TSX Venture Exchange and
regulatory approval.

Each F-T unit will consist of one common share to be issued on a aEUR~flow-
through' basis under the Income Tax Act (Canada) and one half of one
common share purchase warrant (the aEUR~F-T Unit Warrants').

Each whole F-T Unit Warrant will have a term of 18 months from the
private placement closing date and will entitle the holder to purchase
one common share at a price of USD0.85 per share.

Each unit will consist of one common share and one half of one common
share purchase warrant, which will have a term of 18 months from the
private placement closing date and will entitle the holder to purchase
one common share at a price of USD0.75 per share.

The company will reportedly use the net proceeds of the private
placement for working capital and to finance the continued exploration
programs at Champion's Fermont Iron Property, and in particular the
Property's 25km2 Mammoth Zone on the Harvey-Tuttle Claim Block.

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