Channel Resources Announces Closing of $7 Million Bought Deal Private Placement

Channel Resources Ltd. (TSXV:CHU) announced it closed a recent bought deal private placement and raised over $7 million.

The press release is quoted as saying:

The Underwriter was paid a cash fee equal to 7% of the gross proceeds from 20,440,000 Units and was issued 1,430,800 broker warrants. Each Broker Warrant will be exercisable at any time to acquire one Common Share at a price of $0.40 for a period of 24 months from the date hereof.

To read the full press release, click here.