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CARDSTON, ALBERTA--(Marketwired - Mar 17, 2016) - American Creek Resources Ltd. (TSX VENTURE:AMK) ("the Corporation") today announced that it has closed the private placement that was announced on March 9, 2016. The Corporation raised gross proceeds of $100,000 by issuing 2,000,000 units ("Unit") at a price of $0.05 per Unit.
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 of the Offering at a price of $0.08. The Warrants are subject to an acceleration provision which provides that in the event that the market closing price of the Corporation's shares exceeds $0.12 for 20 consecutive trading days, the Corporation may within 5 days after such an event, provide notice to the Warrant holders of early expiry and thereafter, the Warrants will expire on the date which is 15 days after the date of the notice to the Warrant holders.
Proceeds will be used for general operating purposes, settling current debt, or for potential mineral property acquisitions. A finder's fee of 42,000 shares was paid to an arm's length party related to this offering.
This private placement closing is 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.