Canyon Copper Announces Non-Brokered Flow-Through Private Placement
Vancouver, British Columbia (FSCwire) - Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce a non-brokered private placement (the “Offering”) of up to 5,000,000 Flow-Through Units (a “FT Unit”) at a price of $0.20 per FT Unit for gross proceeds of $1,000,000. Each FT Unit will consist of one flow-through common share and one-half of one non-flow-through share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one common share at $0.30 per share at any time until the close of business on the day which is 24 months from the date of issue of the Warrant.
Canyon intends to use the proceeds from the Offering to incur qualified Canadian exploration expenses for exploration on Canyon’s portfolio of mineral properties in Canada. The funds will be utilized for the planned drill program on the Bootleg Gold and VMS project in Saskatchewan and 2018 field work on the Company’s three cobalt exploration projects in Ontario.
Closing of the Offering is anticipated to occur on or before December 31, 2017, and is subject to receipt of acceptance by the TSX Venture Exchange (the “TSX-V”). All securities issuable will be subject to a four-month hold period form the date of closing. Finder’s fees may be payable in appropriate circumstances in connection with the Offering, in accordance with the policies of the TSX-V.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Stephen Wallace, President, CEO and Director
Contact: Canyon Copper Corp.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the Company’s limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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.
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Source: Canyon Copper Corp (TSX Venture:CNC)
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