April 15, 2015 TSX-V: AMK
American Creek Resources Ltd. (TSX-V: AMK) (the “Corporation”) today announced that it has closed the first tranche of the non-brokered private placement (“the Offering”) that was previously announced on March 24, 2015. A total of 5,999,966 units (“Units”) were subscribed for at a price of $0.06 per Unit for gross proceeds of $359,998. 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 416,650 Units of this Offering.
The Corporation has also settled a debt to a creditor of the Corporation (previously announced March 24, 2015) in the amount of $120,000 by issuing the creditor 2,000,000 of the above-described Units. The Creditor is a non-insider of the Corporation.
The Common Shares and Warrants issued in this Offering and debt settlement 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. and for general operating purposes.
This private placement and the shares for debt arrangement are 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.