CHANTRELL VENTURES CORP. Suite 1620, 609 Granville Street Vancouver, BC V7Y 1C3 Telephone: 1-866-824-8938
CHANTRELL VENTURES FINANCING RELEASED FROM ESCROW
Vancouver, BC, Canada – August 31, 2010 – Chantrell Ventures Corp. (the "Company" or "Chantrell") (TSX‐V: CV.H) is pleased to announce that it has completed the consolidation of its shares on a two and one‐half for one basis and has changed its name from Tiger Pacific Mining Corp. to Chantrell Ventures Corp. The subscription receipts relating to the private placement that closed on July 30, 2010 have converted into 7,200,000 post‐consolidated common shares and 7,200,000 share purchase warrants and the subscription funds have been released from escrow. Each share purchase warrant is exercisable for one additional post‐consolidated common share at a price of $0.125 per common share until July 30, 2011. The securities have a hold period expiring on December 1, 2010.
As a result of the conversion of the subscription receipts, 0881607 BC Ltd. ("0881607 BC") has ownership and direction or control over 3,900,000 common shares of the Company, representing 37.6% of the issued and outstanding common shares of the Issuer (or 7,800,000 common shares and 54.6% of the Company's then outstanding common shares of the Company, assuming exercise of 0881607 BC's share purchase warrants). Neither the Company nor, to the knowledge of the Company after reasonable inquiry, 0881607 BC Ltd., have knowledge of any material information concerning the Company or its securities which has not been generally disclosed.
As a result of the conversion of the subscription receipts, Gabriel Investments Ltd. ("Gabriel") has ownership and direction or control over 1,000,000 common shares of the Company, representing 9.6% of the issued and outstanding common shares of the Issuer (or 2,000,000 common shares and 17.6% of the Company's then outstanding common shares of the Company, assuming exercise of Gabriel's share purchase warrants). Neither the Company nor, to the knowledge of the Company after reasonable inquiry, Gabriel, have knowledge of any material information concerning the Company or its securities which has not been generally disclosed.
The Company has been advised that the securities were purchased by each of 0881607 BC and Gabriel for investment purposes and neither 0881607 BC or Gabriel has any present intention to acquire further securities of the Company, although 0881607 BC and Gabriel may, in the future, acquire or dispose of securities of the Company through the market or otherwise, as circumstances or market conditions warrant. The change of control of the Company was approved by a majority of the disinterested shareholders of the Company, in accordance with the requirements of the TSX Venture Exchange.
The private placement proceeds of $684,000 will be utilized by the Company for working capital purposes. The Company is now actively investigating new business opportunities in the resource sector, with a view to graduating back to main board of the TSX Venture Exchange.
CHANTRELL VENTURES CORP.
On behalf of the Board
Scott Ackerman, President/Director
For further information please contact Scott Ackerman at 1‐866‐824‐8938.
Neither 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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.