Churchill Resources Closes Second and Final Phase of $2M Private Placement

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TORONTO, Nov. 25, 2024 (GLOBE NEWSWIRE) — Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that it has completed the second and final phase of its $2,000,000 unauthorized private placement which includes the sale today of 2,500,000 common shares issued in a “flow” at a price of $0.08 per share (each.FT Share”) for a net proceeds of $200,000 (and the sale of $1,800,000 of FT shares completed on November 22, 2024, “A donation“).

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The Company intends to use the proceeds of the Offering to explore the Company’s key projects in Newfoundland and Labrador. The entire proceeds from the issuance of FT Shares will be used for “Canadian Exploration Expenses” (within the definition of Income Tax Act (Canada))Eligible Expenses”), and eligible for the 30% Critical Mineral Exploration Tax Credit, which will be withdrawn on an initial date no later than December 31, 2024 for purchasers of FT shares in an aggregate amount not less than the gross proceeds. from the issue of FT Shares.

FT shares are subject to a statutory holding period of four months and one day, and remain subject to final approval by the TSX Venture Exchange (the “The TSXV“). In connection with the Offering, the Company has paid to eligible acquirers a cash sum equal to 7.0% of the net proceeds received by the Company from the sale of FT Shares to subscribers introduced directly to the Company by such acquirers.

About Churchill Resources Inc.

Churchill Resources Inc. is a Canadian exploration company focused on high-grade, magmatic nickel sulphides in Canada, particularly in its prospective Taylor Brook and Florence Lake properties in Newfoundland & Labrador. Churchill’s management team, board and advisors have decades of combined management experience in mineral exploration and the establishment of successful listed mining companies, both in Canada and around the world. Churchill’s Taylor Brook and Florence Lake projects have the opportunity to benefit from the province’s large and diverse mining industry, which includes world-class nickel mines and processing facilities, as well as a well-developed mineral exploration sector with local mining and geotechnical expertise.

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Further information

For more information about Churchill, please contact:

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and assumptions as of the date of the news release. Any statement that includes discussions regarding predictions, expectations, beliefs, plans, estimates, intentions, assumptions, future events or performance (usually but not always using phrases such as “anticipates”, or “does not expect”, “anticipates”, “anticipates” or “does not expect”, “plans”, “proposed”, “budget”, “planned”, “forecasts”, “estimates”, “believes” or “intends” or variations of the wording (such as phrases or implying that certain actions, events or results “may” or “may”, “may”, “may” or “will be assumed” to occur or be achieved) are not statements of historical fact and may constitute forward-looking statements. In this news release, forward-looking statements relate to, among other things, the receipt of all applicable regulatory approvals for the Offering; the Company’s purposes, objectives and inspection activities carried out and proposed to be carried out on the Company’s premises; The Company’s future growth potential, including whether any proposed pilot projects at any of the Company’s properties will be successful; test results; and future test plans and costs and availability of funds.

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These forward-looking statements are based on the Company’s reasonable assumptions and management estimates at the time these statements were made. Actual future results may differ materially since forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied thereby. forward-looking statements. Such factors, among other things, include: expected benefits to the Company related to inspections conducted and proposed to be conducted on the Company’s premises; failure to identify any minerals or mineral resources; preliminary status of metallurgical test results; uncertainties related to the availability and cost of financing required in the future, including to fund any of the Company’s property exploration programs; fluctuations in macroeconomic conditions; fluctuations in securities markets; fluctuations in the price of gold, silver, base metals or certain other commodities; currency market fluctuations (such as the Canadian dollar to the US dollar); changes in national and local government, legislation, taxation, regulations, directives and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including natural hazards, industrial hazards, pressure from unusual or unexpected formations, cave-ins and floods); inability to obtain adequate insurance to cover risks and hazards; the existence of laws and regulations that may limit the exploration of mines and minerals; labor relations; relationships and claims of local communities and indigenous peoples; the availability of increased costs associated with drilling equipment and labor; the speculative nature of mineral exploration and development (including the risk of obtaining the necessary licenses, permits and approvals from government authorities); the likelihood that the properties being explored will eventually be developed for producing mines; geological features; actual results of current and future tests; changes in project parameters as plans continue to be tested; soil sample results are preliminary in nature and are not conclusive evidence of mineral deposit potential; property title; and those factors described in the recently filed management discussion and analysis of the Company. Although the forward-looking statements contained in this news release are based on what the Company’s management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with those forward-looking statements, as there may be other factors that cause results to differ from those expected, estimated or intended. . Therefore, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company undertakes no obligation to release publicly any revisions or any forward-looking statements on a voluntary basis, except as required by applicable securities law.

Neither the TSXV nor its Legal Services Provider (as that term is defined in TSXV policies) accepts responsibility for the adequacy or accuracy of this news release.

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