March 29, 2011 TSX-V: AMK
Raymond, Alberta… American Creek Resources Ltd. (the “Corporation”) today announced that it has closed the non-brokered priv ate pl acement offering originally announced on March 1 and March 7, 2011. The offering was oversubscribed with the Corporation raising gross aggregate proceeds totaling $567,010 by issuing 1,428,571 flow-through units (“FT Units”) at a price of $0.07 per FT Unit for proceeds of $100,000 and issuing 7,783,500 non-flow-through units (“NFT Units”) at a price of $0.06 per NFT Unit for proceeds of $467,010. Insiders of the Corporation purchased 632,351 units.
Each FT Unit consists of one flow-through common share of the Corporation (“FT Share”) and one-half of one non-transferrable common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one non-flow-through common share (“NFT Share”) at an exercise price of $0.10 for a period of one year from the date of issuance of the Warrant.
Each NFT Unit consists of one NFT Share and one-half of one non-transferrable common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one NFT Share at an exercise price of $0.10 for a period of one year from the date of issuance of the Warrant.
The Corporation paid finder’s fees consisting of $20,880 cash and 63,333 common shares as well as 204,308 non-transferrable warrants to certain arm’s length finders. All securities issued in this private placement are subject to a hold period of 4 months and a day from issuance.
The Corporation also granted a total of 600,000 incentive options to certain Directors and Officers of the Corporation under the Corporation’s incentive stock option plan. The options were granted at a deemed price of $0.10 and are exercisable until March 28, 2016.
American Creek Resources Ltd. is a Canadian junior 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.