Gespeg Announces Gypsy Swap
28.04.2014 | Marketwire
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATESSASKATOON, SASKATCHEWAN -- (Marketwired - April 28, 2014) - Gespeg Copper Resources Inc. (TSX VENTURE:GCR) (the "Company" or "Gespeg") further to the Company's news release of April 4, 2014 announcing the closing of the first tranche of a non-brokered private placement (the "Private Placement"), Gespeg announces that three insiders, one of which is a control person, have arranged a sale of 4,500,000 common shares of the Company at a price of $0.05 per common share. The Company expects that 2,500,000 common shares will close through the facilities of the TSX Venture Exchange ("TSX-V") and the balance, being 2,000,000 common shares, will close in private transactions. The proceeds of these sales will be used by the insiders to purchase an equivalent dollar amount of units in the Private Placement. Gespeg will issue a further news release when it closes the Gypsy Swap Transaction.
As a result of the proposed purchase of units contemplated above, Gespeg anticipates that insiders may subscribe for greater than 25% of the Private Placement. The issuance of shares to insiders pursuant to the Private Placement is considered to be a related party transaction subject to TSX-V Policy 5.9 and Multilateral Instrument 61-101. Gespeg intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under section 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of Gespeg's market capitalization.
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.
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 INFORMATION
Gespeg Copper Resources Inc.
Sylvain Laberge, President and CEO
514.380.5610
514.702.9841
Slaberge@gespegcopper.com