Company to use financing proceeds for work at New York Canyon property
By Devika Patel
Knoxville, Tenn., Jan. 19 - Canyon Copper Corp. said it has negotiated a private placement of units. The company plans to raise C$3.15 million in the offering and a further C$50,000 by selling identical units to an insider.
Canyon Copper will sell the units of one common share and one half-share warrant at C$0.35 per unit. Each whole warrant will be exercisable at C$0.50 for 18 months.
Proceeds will be used for work on the company's New York Canyon property, working capital and general expenses.
Located in Vancouver, B.C., Canyon is a copper exploration company.
| Issuer: | Canyon Copper Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3.2 million
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Pricing date: | Jan. 19
|
| Stock symbol: | OTCBB: CNYC
|
| Stock price: | $0.33 at close Jan. 19
|
| Market capitalization: | $20.44 million
|
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