Gespeg Closes First Tranche of Non-Brokered Private Placement
SASKATOON, SASKATCHEWAN--(Marketwired - Aug 11, 2015) - Gespeg Copper Resources Inc. (TSX VENTURE:GCR) (the "Company" or "Gespeg") announces that it has completed the first tranche of its private placement (the "Offering") and has raised gross proceeds of $330,000. The first tranche closing consisted of 3,600,000 units (the "Units") at a price of $0.05 per Unit and 3,000,000 flow-through shares (the "FT Shares") at a price of $0.05 per FT Share. Each Unit consists of one common share in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Share at a price of $0.15 exercisable for 24 months from closing.
Management and insiders comprised 30% of this first tranche closing. In conjunction with the first tranche of the Offering, the Company issued 272,000 broker warrants exercisable at a price of $0.15 per share for a period of 24 months from closing. In addition, the Company paid a corporate finance fee of $8,000 and a cash commission in the amount of $13,600, being 8% of the aggregate proceeds raised from the sale of Units and FT Shares to purchasers introduced by an eligible finder.
All securities issued in connection with the first tranche of the Offering have a statutory hold period expiring on December 12, 2015. The net proceeds from the Offering will be used by the Company to fund exploration work on the Company's properties in Quebec and for general administrative purposes.
Sylvain Laberge President & CEO "We are pleased with the progression of the financing to date as it will allow the Company to continue concentrating our efforts on the exploration program that is currently proceeding."
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.
This news release contains certain statements that may be considered "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Gespeg Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Gespeg Copper management on the date the statements are made. Except as required by law, Gespeg Copper undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change
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
Sylvain Laberge
President and CEO
514-702-9841
slaberge@gespegcopper.com