Deal will fund exploration work on the Vortex and Port Daniel project
By Devika Patel
Knoxville, Tenn., July 25 – Gespeg Copper Resources Inc. said it plans a C$1 million non-brokered private placement of units.
The company will sell 20 million units of one common share and one warrant at C$0.05 per unit.
Each warrant is exercisable at C$0.10 for two years. The strike price is a 150% premium to the July 22 closing share price of C$0.04.
Proceeds will be used for exploration work on the company's Vortex and Port Daniel project and working capital.
The copper explorer is based in Saskatoon, Sask.
| Issuer: | Gespeg Copper Resources Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$1 million
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| Units: | 20 million
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| Price: | C$0.05
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.10
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| Agent: | Non-brokered
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| Pricing date: | July 25
|
| Stock symbol: | TSX Venture: GCR
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| Stock price: | C$0.04 at close July 22
|
| Market capitalization: | C$2.74 million
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