Jul 13, 2011
Crazy Horse Resources Inc. to Undertake Additional C$5,230,500 Private Placement
OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, July 13, 2011 - Crazy Horse Resources Inc. (TSXV: CZH) (the "Company") is pleased to announce a non-brokered private placement of 6,973,975 common shares ("Shares") for proceeds of C$5,230,481.
The private placement includes a subscription of 823,975 Shares being made by Copper Development Corporation pursuant to anti-dilution rights granted under its prior purchase of 6,666,667 Shares of the Company (see news release dated July 4, 2011). As a result of this investment, Copper Development Corporation will maintain its 11.82% interest in voting securities of the Company.
The Company has decided to undertake the private placement to ensure it is fully funded for its Bankable Feasibility resource and site investigation drilling which will be completed during 2011; its Pre-Feasibility Study costs; and remaining working capital requirement for 2011.
Johan Raadsma, President and CEO of Crazy Horse states, "the strategic placement of additional Crazy Horse shares with a long term development partner further strengthens the company's position for Taysan project development".
No finder's fee or commissions will be paid in respect of the private placement.
The completion of the private placement is subject to the approval of the TSX Venture Exchange.
The Shares will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
The Company announces that Darren Devine has stepped down as a director of the Company to provide for the appointment of Mr. Mitch Alland. Mr. Devine will remain involved with the Company as a consultant providing corporate advisory services.
ON BEHALF OF THE BOARD
President, CEO and Secretary
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.
This press release is not an offer of securities for sale in the United States. The common shares being offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.
This press release includes "forward-looking statements" including statements relating to completion of the proposed Offering and use of the offering proceeds, that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. There is no assurance that the Company will be successful in raising any or all of the private placement, or that the terms thereof will not materially change prior to closing. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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You can view the Next News Releases item: Wed Jul 20, 2011, Crazy Horse Resources Corp. Joins OTCQX International Marketplace in U.S.
You can view the Previous News Releases item: Wed Jul 6, 2011, Crazy Horse Resources Inc. Closes C$5M Investment by Copper Development Corp.
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