MGI Securities is agent for part of deal; remainder is non-brokered
By Devika Patel
Knoxville, Tenn., July 15 - Canyon Copper Corp. said it settled a C$1.06 million private placement of units. The deal was conducted by MGI Securities Inc. with the exception of a C$300,000 non-brokered component.
The company sold 3,021,213 units of one common share and one half-share warrant at C$0.35 apiece. Each whole warrant will be exercisable at C$0.50 until Jan. 13, 2013.
The non-brokered portion was sold to a company owned by Anthony Harvey, chairman and chief executive officer of Canyon.
The proceeds will be used to fund the company's exploration program on the New York Canyon Project as well as for general working capital and corporate purposes.
Based 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$1,057,425
|
| Units: | 3,021,213
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Jan. 13, 2013
|
| Warrant strike price: | C$0.50
|
| Agent: | MGI Securities Inc. (for C$757,425), non-brokered (for C$300,000)
|
| Settlement date: | July 15
|
| Stock symbol: | OTCBB: CNYC
|
| Stock price: | $0.34 at close July 14
|
| Market capitalization: | $20.44 million
|
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