Gespeg Closes First Tranche of Non-Brokered Private Placement Plus a Shares for Debt Transaction
04.04.2014 | Marketwire
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATESSASKATOON, SASKATCHEWAN--(Marketwired - April 4, 2014) - Gespeg Copper Resources Inc. (TSX VENTURE:GCR) (the "Company" or "Gespeg") Gespeg announces that it has completed the first tranche of its private placement (the "Offering") and has raised gross proceeds of $207,500. The first tranche closing consisted of 4,150,000 units (the "Units") at a price of $0.05 per Unit. Each Unit consists of one common share in the capital of the Company (a "Share") and one-half of one share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase one Share at a price of $0.15 exercisable until April 4, 2016. The Shares issued are subject to a statutory hold period in accordance with applicable securities legislation which expires on August 5, 2014.
The Company anticipates a second closing in April 2014 (the "Second Tranche").
The net proceeds from the Offering will be used by the Company to fund exploration work on the Company's Vortex and Port Daniel project and for general administrative purposes.
Gespeg announces further to its news release of March 6, 2014, it has issued 700,000 common shares in the capital of the Company (the "Shares") at a deemed price of $0.05 per Share to an arm's length creditor (the "Creditor") to settle $35,000 of debt owed by the Company to the Creditor. The Shares issued to the Creditor are subject to a statutory hold period in accordance with applicable securities legislation which expires on August 5, 2014.
About Gespeg Copper Resources Inc.:
Gespeg is an exploration company with a focus on copper, especially in a grossly underexplored region "Gaspé, Québec". With a dedicated management team, the Company's goal is to create shareholder wealth through the discovery of new deposits.
GESPEG COPPER RESOURCES INC.
(signed) "Sylvain Laberge"
Sylvain Laberge, President and CEO
FORWARD LOOKING INFORMATION
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Gespeg Copper Resources Inc.
Sylvain Laberge, President and CEO
514.380.5610
514.702.9841
Slaberge@gespegcopper.com