October 1, 2015 TSX-V: AMK
American Creek Resources Ltd. (TSX-V: AMK) (“the Corporation”) today announced that it has closed the first tranche of the private placement previously announced on September 28, 2015. A total of 1,000,000 flow-through units (“FT Units) were subscribed for at a price of $0.05 per FT Unit for gross proceeds of $50,000. Each FT Unit consists of one flow-through common share of the Corporation and one non-transferrable, non flow-through common share purchase warrant (“Warrant”). Each Warrant may be exercised for one additional common share for a period of 30 months from the closing date of the offering at a price of $0.08 if exercised in the first 24 months and $0.10 thereafter if exercised in the remaining 6 month period.
An insider of the Corporation purchased the 1,000,000 FT Units closed in this first tranche.
The Corporation has also settled debts with two creditors of the Corporation in the aggregate amount of $19,430.00 by issuing 388,600 common shares of the Corporation. The creditors are arms-length to the Corporation. The Corporation has also entered into a shares for services arrangement with an arm’s-length contractor related to exploration work this fall. The contractor will be issued up to $60,000 in common shares of the Corporation with the deemed price of the shares being determined, and the shares issued, upon successful completion of the work.
The common shares and warrants issued in this Offering, the shares issued in the debt settlement arrangements, and the shares related to the shares for services arrangement are all subject to a hold period of four months plus a day from issuance.
Proceeds from this private placement will be used for working capital and exploration.
This private placement, shares for debt arrangements, and shares for services arrangement are all subject to approval by the TSX Venture Exchange.
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.