March 25, 2013
American Creek Resources Ltd. (TSX-V: AMK) (“the Corporation”) is pleased to report that it has closed the first tranche of the previously announced non-brokered private placement (the “Offering”) (see news release dated March 19, 2013). The Corporation raised proceeds totaling $384,074.10 by issuing 853,498 units (“Unit”) at a purchase price of $0.45 per Unit.
Each Unit consists of eight common shares of the Corporation (“Common Share”) and eight non-transferable Common Share purchase warrants (a “Warrant”). Each Warrant may be exercised for one additional Common Share at a price of $0.10 per Common Share for a period of two years from the closing of the Offering. The Warrants will be subject to an acceleration option which provides that, in the event that the volume weighted average trading price of the Issuer’s common shares, for a period of 20 consecutive trading days, exceeds $0.16, the Company may within five days after such an event provide notice to the Warrant holders of early expiry and thereafter, the Warrants will expire on the date which is 15 days after the date of the notice to Warrant holders.
The Common Shares and Warrants issued in this private placement are subject to a hold period of 4 months and a day from issuance.
No finder’s fees were paid out with respect to the private placement. Proceeds will be used to fund continuing litigation with Teuton Resources Corp., to settle current debts, and for general operating purposes.
The TSX Venture Exchange has approved the first tranche closing. The remainder of the private placement is expected to close in the near future.
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.