Chai Cha Na Raises $209,500 And Settles $199,790 In Debt
06.09.2011 | The Newswire
Sep 6th, 2011 - Chai Cha Na Mining Inc. (the "Company") announces that further to its news release dated May 13, 2011, the Company has issued a total of 6,863,332 units at $0.03 per unit for total proceeds of $209,500. In addition, the Company has settled debts totalling $199,790 via the issuance of 6,569,666 units at a deemed price of $0.03 per unit. Each unit consists of one common share and one share purchase warrant and each share purchase warrant entitles the holder thereof to purchase one additional common share at a price of $0.05 per share for five years following the issuance of the units. In connection with the financings, the Company paid finder's fees totalling $14,590. The financings and the debt settlement were completed pursuant to partial revocation orders granted by the Ontario Securities Commission and the British Columbia Securities Commission dated, respectively, May 5, 2011 and May 12, 2011The proceeds from the financings have been and are being used to prepare continuous disclosure documents to be filed with applicable regulatory authorities, to pay regulatory filing fees, to apply for full revocation of cease trade orders in effect in Ontario, British Columbia and Alberta, to pay outstanding accounts, to make a property payment and to fund the Company's ongoing operations.
The proceeds from the financings have been and are being used to prepare continuous disclosure documents to be filed with applicable regulatory authorities, to pay regulatory filing fees, to fund the preparation of applications for full revocation of cease trade orders in effect in Ontario, British Columbia and Alberta, to pay outstanding accounts, to make a property payment and to fund the Company's ongoing operations
For more information contact:
Chai Cha Na Mining Inc.
Fred Fisher, President & CEO
Tel (905) 624-2266
Email: info@chaichanamining.com
Website at: www.cnnmining.com
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.
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