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.
