October 1, 2007
Raymond, Alberta - American Creek Resources Ltd. (the “Corporation”) today announced that it has effected a second and final closing of the non-brokered private placement offering of up to 384,615 units of the Corporation (“Units”). The Corporation closed on the sale of the balance of 194,339 Units for gross proceeds of $757,922.10. Each Unit consisted of one common share of the Corporation (“Common Share”) at a price of $0.69 per share, four “flow-through” Common Shares (“FT Shares”) at a price of $0.80 per FT Share and transferable common share purchase warrants (a “Warrant”) entitling the holder to acquire up to five additional Common Shares at a price of $1.60 per Common Shares for a period of one year.
The Units were sold to qualified purchasers resident in Alberta and British Columbia in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation.
In connection with the sale of 149,745 Units in the final closing, the Corporation paid finders fees to two arm’s length individuals equal to 5% of the proceeds from the sale of such Units, by the issuance of an aggregate of 42,318 Common Shares at a deemed price of $0.69 per Common Share. The Corporation also issued an additional 25,293 Common Shares at a deemed price of $0.69 per Common Share to one of the individuals in payment of finder’s fees in connection with the sale of 89,500 Units in the September 17, 2007 closing.
The Common Shares and Warrants forming part of the Units and the Common Shares issued pursuant to the exercise of the Warrants and in payment of the finder’s fee are all subject to a 4 month restricted period expiring on January 29, 2008.
The TSX Venture Exchange (the “Exchange”) approved the private placement and finder’s fee by Bulletin dated September 28, 2007.
Due to market demand, the Corporation announces that it will offer on a non-brokered private placement basis up to an additional 897,500 Units for gross proceeds of $3,500,250 if fully subscribed. The Units will have the same terms as those sold in the private placement which has just closed, as described above and the offering will be subject to Exchange approval.
American Creek Resources Ltd. is an aggressive junior mineral exploration company focused on the acquisition, exploration and development of gold and silver deposits within the Province of British Columbia, Canada.
Certain information contained in this news release constitutes forward-looking statements regarding the Corporation’s mineral properties. Forward looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the reasonable opinions and estimates of management of American Creek and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include: the inherent risks involved in the exploration and development of mineral properties, uncertainties involved in the interpretation of drill results and other geological data, fluctuating commodity prices, unforeseen permitting requirements, changes in environmental laws or regulations, the possibility of project cost overruns or unanticipated costs and expenses, weather conditions, the availability of contractors for equipment and services, the availability of future financing and general business and economic conditions. Such statements are also based on a number of assumptions which may prove to be incorrect, including assumptions about general business and economic conditions being accurate, the timing and receipt of regulatory approvals for projects and operations, the availability of financing, the ability to secure equipment and labour, and American Creek’s ongoing relationship with third parties. The foregoing factors, risks and assumptions are not exhaustive. Events or circumstances could cause actual events or results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are as of the date they are made and American Creek disclaims any obligation to update any forward-looking statements, except as required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.