Channel reports Oversubscription of Private Placement

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Wed, Jan 13, 2010
Potash Company News
Post by Melissa Pistilli, Potash Senior Reporter

Channel Resources Ltd. (TSX VENTURE:CHU) reports that the company’s private placement described in a news release on December 2, 2009 for up to 3,750,000 units at a price of CDN$0.08 per Unit has been oversubscribed.

The press release is quoted as saying:

The proceeds of the private placement will be used to fund exploration and pre-development work on its properties, primarily the Fox Creek Lithium / Potash Brine Project located in Alberta, as well as for corporate development and working capital purposes.

Click here to access the entire press release

Click here to access Channel Resources Corporate Site

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