Insiders participate in first part of deal with C$1 million greenshoe
By Susanna Moon
Chicago, May 12 - Canyon Copper Corp. said it completed the C$1,172,310 first tranche of its non-brokered private placement offering, which priced for C$1.5 million on Jan. 27 with a C$1 million greenshoe.
In this tranche, the company issued 3,349,459 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.
Milton Datsopoulos, a director of the company, subscribed for C$50,000, and Benjamin Ainsworth, president, secretary and a director, subscribed for C$10,050.
The company previously said it planned to sell a total of 4,285,714 units at C$0.50 each.
Canyon Copper may accelerate expiry of the warrants if its shares close at or above C$0.60 for 10 consecutive trading days.
Proceeds will be used for work on the 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$1.5 million
|
| Greenshoe: | C$1 million
|
| Units: | 4,285,714
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Investors: | Milton Datsopoulos (for C$50,000) and Benjamin Ainsworth (for C$10,050)
|
| Pricing date: | Jan. 27
|
| Settlement date: | May 12 for C$1,172,310
|
| Stock symbol: | OTCBB: CNYC
|
| Stock price: | $0.31 at close Jan. 26
|
| Market capitalization: | $19.2 million
|
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