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 ^[1]

Click here to access Channel Resources Corporate Site ^[2]