Copper Cowboy Announces Offering of Units and Enters Into a Loan Agreement
26.06.2014 | The Newswire
Vancouver, BC / TNW-ACCESSWIRE / June 26 2014 / Copper Cowboy Resources Inc. ("Copper Cowboy" or the "Company") announces a non-brokered private placement offering of up to 15,000,000 units at $0.05 per unit for proceeds of up to $750,000. Each unit will consist of one common share of the Company and one share purchase warrant that entitles the holder to purchase one additional common share of the Company at a price of $0.10 per share for a two year period following closing of the offering. The warrants are subject to an accelerated expiry stating that if at any time, after the standard 4 month hold period, the closing price of the Company's common shares on the TSX Venture Exchange exceeds $0.15 for any 10 consecutive trading days, the warrant holder will be given notice that the warrants will expire 31 days following the date of such notice.The Company also reports that it has entered into a loan agreement with a Director (the "Loan Agreement"). Pursuant to the Loan Agreement, the lender has agreed to loan to the Company the principal amount of $20,000. The amount of the loan is unsecured and bears interest at the rate of 10% per annum. The term of the Loan Agreement is for one year and provides that at any time after June 1, 2015, the lender is entitled to demand repayment of the outstanding amount of the loan. The proceeds from the loan will be used towards general working capital.
In consideration for the lender agreeing to provide the loan, the Company has issued 100,000 common shares ("Bonus Shares"), at a deemed price of $0.05 per share. The Bonus Shares will be subject to a hold period that expires on October 26, 2014.
Copper Cowboy also announces that certain Directors and officers have exercised, and the Company has issued a total of 2,150,000 options previously issued under the Company's stock option plan.
On Behalf of the Board of Directors, Copper Cowboy Resources Inc.
Per:
"Michael Mulberry"
CEO, President and Director
Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Not for Distribution in the United States or to U.S. Persons.