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Gold/Mining/Energy : Champion Resources - CHL.vse

CHL 27.51

0.0%

Sep 27 5:00 PM EST

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To: rdww who started this subject	10/31/2000 5:39:27 PM
From: rdww	of 176

Champion engages CIBC Investment Banking as adviser Champion Resources Inc CHL Shares issued 30,647,940 Oct 30 close $0.45 Tue 31 Oct 2000 News Release Mr. Richard Clark reports Champion Resources has engaged CIBC Investment Banking as its financial adviser to assist the company in securing a strategic partner or investor in India and/or the Middle East who will invest in the company's Farim phosphate project in Guinea Bissau, West Africa. The CIBC mandate is under the direction of Achal Ghai. Mr. Ghai is a director with CIBC and president of the Indus Entrepreneurs (TiE), Vancouver chapter. TiE is an enormously successful organization that has grown into a dynamic global networking operation promoting business opportunities in India. India is a large, growing market for phosphate consumption and Champion has already received expressions of interest to off-take Farim phosphate rock. Mr. Ghai has arranged a series of meetings with large phosphate consumers in India commencing the first week of November and will be accompanying Champion management on the trip. Champion is poised to become an important new supplier of high-grade, high-quality phosphate rock. The company intends to bring Farim into production in 2002 at a rate of two million tonnes per year of phosphate rock concentrate. Farim is an exceptionally rich and large phosphate deposit with a mine life beyond 25 years. The Farim rock product quality compares very favourably with competitive internationally traded rock. The grade of Farim rock will range from 32 per cent to 36 per cent P(2)O(5) and will have excellent physical and chemical characteristics. For CIBC's services in securing off-take contracts, strategic partners or investors, the company has agreed to pay CIBC certain fees, all of which are within industry standards and which are dependent upon the amount raised by CIBC. The agreement is subject to all requisite regulatory approvals. The company also announces that the Canadian Venture Exchange has approved the company's private placement of 2.4 million units of the company at a price of 52 cents per unit, each unit consisting of one common share and one non-transferable share purchase warrant. Each one warrant will entitle the holders to purchase one additional common share of the company over a period of two years; at a price of 60 cents if exercised during the first year and at a price of 65 cents if exercised during the second year. Closing of the placement has been extended in order for the company to make the appropriate filings with the Alberta Securities Commission as certain of the placements are Alberta residents. (c) Copyright 2000 Canjex Publishing Ltd. stockwatch.com

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