May 5, 2015 TSX-V: AMK
American Creek Resources Ltd. (TSX-V: AMK) (the “Corporation”) has closed the final tranche of the non-brokered private placement (“the Offering”) that was previously announced on March 24, 2015. A total of 905,005 units (“Units”) were subscribed for in this final tranche at a price of $0.06 per Unit for gross proceeds of $54,300. The total amount subscribed for in the private placement was 8,000,000 Units for gross proceeds of $480,000. Each Unit consists of one common share of the Corporation (“Common Share”) and one non-transferrable Common Share purchase warrant (“Warrant”). Each Warrant may be exercised for one additional Common Share for a period of 24 months from the closing date at a price of $0.08 per share if exercised in the first 12 months and $0.10 per share if exercised in the remaining 12 month period, provided that the Warrants will expire if not exercised within 15 business days from receipt by the holder of written notice that the trading price of the Common Shares has exceeded $0.12 for 10 consecutive trading days.
Insiders purchased 655,005 Units in this final tranche of the Offering.
The Common Shares and Warrants issued in this Offering are subject to a hold period of four months plus a day from issuance.
Proceeds will be used to settle current debts, to fund continuing litigation with Teuton Resources Corp. (“Teuton”) and for general operating purposes.
This private placement closing is subject to approval by the TSX Venture Exchange.
The Corporation has also become aware of certain rumours that are circulating regarding the Corporation's option to earn an additional 9% of the Treaty Creek Property (such that its aggregate interest would be 60%) (the "Second Earn-In") pursuant to the option agreement dated April 4, 2007 (the "Option Agreement") between the Corporation and Teuton. The Corporation advises that pursuant to Paragraph 7 of the Option Agreement the Second Earn-In option expired in 2013. Accordingly, the Corporation wishes to clarify that it will not be expending resources towards the Second Earn-In.
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.