Channel Resources: Non-Brokered Private Placement Financing

Channel Resources Ltd. (TSX VENTURE:CHU) reported a private placement of up to 5,000,000 units at a price of CDN$0.07 per Unit for gross proceeds of up to $350,000.

The press release is quoted as saying:

Earlier this year the Company funded process test work for the Fox Creek Lithium / Potash Brine Project in Alberta, and while that work is ongoing, the proceeds of this placement will be used to follow through with a planned RC drill program at Tanlouka that, in addition to completing the earn-in on Channel’s option for 90% ownership of the project, will determine the continuity of mineralization encountered on and near-surface, including shallow RAB drill intersections of up to 12.7 g/T gold over 8.0 metres.

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Click here to access Channel Resources Corporate Site