Challenger Deep Resources Corporation: Announces Closing of Private Placement

Private Placement Closing

CALGARY, April 24, 2013 - Challenger Deep Resources Corp. (TSX VENTURE:CDE) ("Challenger" or the "Company") is pleased to announced that, further to its news release dated March 15, 2013, it has now closed a non-brokered private placement consisting of 9,316,667 units (each a "Unit") of the Company, at a subscription price of $0.15 per Unit for gross proceeds of $1,397,500. Each Unit consists of one common share and one common share purchase warrant. Each Warrant entitles the holder to purchase one additional common share of Challenger at an exercise price of CAD $0.25 for a period of five (5) years from the date of issuance of the Units. If, at any time after the expiry of the 4 month hold period, the closing price of the common shares on the TSX Venture Exchange is at least $0.50 for a period of 30 consecutive trading days, the Corporation may, at its option, accelerate the expiry date of the warrants by issuing a press release and giving written notice thereof to all holders of warrants, and, in such case, the warrants will expire on the date which is the earlier of: (i) the 30th day after the date on which the press release is disseminated by the Corporation; and (ii) the original expiry date.

All shares issued pursuant to this private placement, and any shares issued in connection with the exercise of any warrants, if any, will be subject to a four month hold period expiring on August 20, 2013, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Aggregate finder's fees of $62,674 in cash and 412,827 finder's warrants (the "Finder's Warrants") were paid and issued in conjunction with the closing of the private placement, with each Finder's Warrant being exercisable into one common share at a price of $0.25 for a period of 12 months from the date of closing.

The net proceeds from the Private Placement will be used for development of Challenger's Barito coal project in Central Kalimantan, Indonesia and for general corporate purposes.

Randjeet Sundher (address: Suntec City Tower 3, 8 Temasek Boulevard, 44-00 Singapore), the President and CEO of the Company, purchased 666,666 Units as part of the private placement. Following his acquisition of 666,666 Units, Mr. Sundher will hold 6,216,657 common shares, representing approximately 15.80% of the issued and outstanding shares of the Company. Additionally, Mr. Sundher will hold 1,225,491 warrants and 345,865 stock options convertible into common shares of the Company. Assuming the exercise of the warrants and stock options in full, Mr. Sundher would beneficially own or control an aggregate of 8,454,679 common shares of the Company, representing approximately 20.33% of the issued and outstanding common shares of the Company on a fully diluted basis. Mr. Sundher relied on Section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions as he meets the definition of "accredited investor" under securities legislation. Mr. Sundher is investing in the Company in the ordinary course of business and may, in the future, make additional investments in or dispositions of the Company's securities. Mr. Sundher filed a report (as contemplated by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues) in connection with the acquisition of Units. A copy of the report may be obtained from SEDAR (www.sedar.com). Nothing in this press release or in the filing of the above-mentioned report is an admission that any person named in the report is a joint actor with another named entity.


About Challenger

Challenger Deep Resources Corp. is an exploration company focused on the Indonesian coal industry. Challenger's business plan is to acquire, explore and to bring its viable coal projects into production. Challenger has an experienced Indonesian exploration and mining team with offices in Calgary, Singapore and Jakarta.


CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.


READER ADVISORY

Statements in this press release may contain forward-looking information including, statements regarding expected exploration activities and the completion of financings. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Challenger. Factors that could cause the actual results to differ materially from those in forward-looking statements include, granting of exploration permits, surface access and other licenses from Indonesian regulatory authorities, continued exploration results, the establishment of commercial quantities of coal, availability of new acquisitions on commercially acceptable terms, the continued availability of capital and financing, and general economic, market or business conditions in North America and in the Asia Pacific region. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed private placement will be completed, that exploration programs in Indonesia or other project acquisitions will be completed or, if completed, will be successful.

The forward-looking statements contained in this press release are made as of the date of this press release, and Challenger does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither the 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 of accuracy of this news release.

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES



Contact

Challenger Deep Resources Corp.
Ranjeet Sundher, President
+65-6220-7745

Challenger Deep Resources Corp.
Kirk Gamley, Investor Relations
604-689-7422

Challenger Deep Resources Corp.
Mas Kobuchi, Investor Relations
604-689-7422
www.challengerdeep.ca