Raymond, Alberta… American Creek Resources Ltd. (the “Corporation”) today announced that it closed the remainder of the fully subscribed private placement announced on July 15, 2009, by issuing 1,375,000 units (“Units”) for proceeds of $550,000, for an aggregate total of 2,000,000 Units and gross proceeds of $800,000.
Each Unit consists of one flow-through common share of the Corporation (“FT Share”) along with one non-flow-through common share of the Corporation (“Common Share”) and two non-transferable Common Share purchase warrants (a “Warrant”). Each whole Warrant may be exercised for one additional non-flow-through Common Share at a price of $0.40 per Common Share for a period of two years from the closing of the Offering, provided that the Warrants will expire if not exercised within 15 business days from receipt by the holder of written notice from the Corporation that the Common Shares have traded at $0.80 or higher for 10 consecutive trading days. Insiders of the Corporation purchased an aggregate of 97,500 Units under the private placement.
The Corporation paid finder’s fees consisting of $7,300.00 cash and 36,500 non-transferable warrants to certain arm’s length finders in connection with the private placement. All securities issued in connection with the final tranche of the private placement are subject to a hold period which expires on December 31, 2009.
Proceeds from the FT Share portion of each Unit will be used to incur expenditures which qualify as Canadian Exploration Expenses and will be spent primarily on the Corporation’s Treaty Creek Project located in British Columbia. The remainder of the proceeds will be used for general working capital.
The Corporation is a Canadian mineral exploration company focused on the acquisition, exploration and development of mineral deposits within the Province of British Columbia, Canada.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.