Mr. Darren Blaney reports
AMERICAN CREEK RESOURCES ANNOUNCES UP TO $800,000 NON-BROKERED PRIVATE PLACEMENT
American Creek Resources Ltd. proposes to undertake an up-to-$800,000 non-brokered private placement of up to 8,888,889 units to be sold to eligible purchasers at a price of nine cents per unit. Each unit will consist of one common share of the company and one common purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of 14 cents at any time on or before that date that is 24 months after the closing date of the offering. The proceeds received from the sale of the units will be used for general working capital.
The units are being offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation. The company may pay finders' fees to eligible finders in connection with the offering, subject to compliance with applicable securities laws and the policies of the TSX Venture Exchange.
All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
It is anticipated that insiders of the company may participate in the offering. The participation of any insiders may be considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such insider participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the company is not listed on any of the exchanges or markets outlined in subsection 5.5(b) of MI 61-101 and the fair market value of the securities to be distributed to the insiders is not expected to exceed 25 per cent of the company's market capitalization.
About American Creek Resources Ltd.
American Creek is a proud partner in the Treaty Creek project, a joint venture with Tudor Gold Corp., located in British Columbia's prolific Golden Triangle.
American Creek holds a fully carried 20-per-cent interest in the Treaty Creek project until a production notice is given, meaning that no exploration or development costs are incurred by American Creek until such time as a production notice has been issued. American Creek shareholders have a unique opportunity to avoid the dilutive effects of exploration while maintaining their full 20-per-cent exposure to one of the world's most exciting megadeposits.
The company also holds the Austruck-Bonanza gold property, located near Kamloops, B.C.
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