Copperbank Resources Corp. Closes Private Placement
28.04.2016 | Accesswire
VANCOUVER, April 28, 2016 - CopperBank Resources Corp. ("CopperBank") (CSE: CBK) is pleased to announce it has closed a non-brokered private placement of 7,500,000 common shares at a price of $0.04 per share for gross proceeds of $300,000. The Company sought and was granted relief to the Canadian Securities Exchange's minimum price rule.No Finder's Fees were paid on the financing.
Gianni Kovacevic, Executive Chairman of the Company commented: "Due to CopperBank's low overhead business model, the company has not required dilutive capital since inception in 2014. The copper exploration and development business is an extremely capital intensive endeavour, so we are proud to have demonstrated that our limited dilution model of acquiring and holding established, high-quality projects works. This modest financing, that is less than 6% dilutive to existing shareholders, provides the company with better than two years of operating budget, and is fully aligned with our mission statement of vehemently protecting shareholder value on a per share basis. The subscriber, who is a new investor to CopperBank, will dovetail well to the investors who supported the company during the formation round in mid-2014. Using our industry wide relationships, we continue to review additional projects to add to our portfolio and to create value drivers with our flagship projects, Contact, Pyramid and San Diego Bay."
The private placement is subject to the approval of the Canadian Securities Exchange and the securities will be subject to a four month and one day hold period under securities laws.
The Company intends to use the net proceeds from the private placement for general working capital and corporate purposes.
Shares for Debt
The Company also announces that it has agreed to issue 2,328,340 common shares of the Company at a price of $0.05 per share in settlement of outstanding debts in the amount of $116,417.00 owing to officers of the Company.
On behalf of CopperBank Resources Corp.
"Gianni Kovacevic"
Executive Chairman
CopperBank Resources Corp.
Address: Suite 1500, 409 Granville Street
Vancouver, BC V6C 1T2
Tel: 604-889-0852
E-mail: gk@copperbankcorp.com
Website: www.copperbankcorp.com
Certain information in this release may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with regulatory approvals and timelines. Although CopperBank 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 developments may differ materially from those in the forward-looking statements. For more information on each of CopperBank and the risks and challenges of its businesses, investors should review the information circular dated September 12, 2014 and its other continuous disclosure filings that are available under CopperBank's profile at www.sedar.com.