MONTREAL, May 23 /PRNewswire-FirstCall/ - Campbell Resources Inc. (TSX:
CCH, OTC Bulletin Board: CBLRF) ("Campbell") is pleased to announce that it
has completed a first tranche of 14,583,300 flow-through common shares of the
previously announced private placement by raising $1,750,000. Two additional
tranches are expected to close by June 12, 2008 and should raise an additional
amount of $1,750,000 for an increased total amount of $3.5 million.
Cash commissions of 6% of the proceeds of certain subscriptions were paid
to agents.
In addition, Campbell has also completed a non-brokered private placement
of 6,000,000 common shares at a price of $0.10 per common share with Nuinsco
Resources Limited, for total proceeds of $600,000.
All securities issued pursuant to both private placements are subject to a
four-month hold period. Both private placements are subject to the final
approval by the Toronto Stock Exchange.
Campbell intends to continue its exploration program on the Corner Bay
property and other properties it owns in the Chibougamau area.
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Campbell is a mining company focusing mainly in the Chibougamau region of
Quebec, holding interests in gold and gold-copper exploration and mining
properties.
Certain information contained in this release contains "Forward-Looking
Statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 and is subject to certain risks and uncertainties, including those
"Risk Factors" set forth in the Campbell's current Annual Report on Form 20-F
for the year ended December 31, 2007. Such factors include, but are not
limited to: differences between estimated and actual mineral reserves and
resources; changes to exploration, development and mining plans due to prudent
reaction of management to ongoing exploration results, engineering and
financial concerns; and fluctuations in the gold price which affect the
profitability and mineral reserves and resources of Campbell. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. Campbell undertakes no obligation to
release publicly any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect unanticipated
events or developments.
SOURCE CAMPBELL RESOURCES INC.