Funds to Support Second Drill Program at La Mina, Colombia, and First Drill Program at Pitaloza, Panama
PANAMA, REPUBLIC OF PANAMA -- (Marketwire) -- 10/01/10 -- Bellhaven Copper & Gold Inc. (TSX VENTURE: BHV) ('Bellhaven' or the 'Company') is pleased to announce a fully allocated, non-brokered, private placement of 7,500,000 units at a price of $0.60 per unit for aggregate gross proceeds of C$4,500,000, subject to the approval of TSX Venture Exchange. Each of the units is comprised of one common share of the Company and one-half of a share-purchase warrant. Each full share-purchase warrant will entitle the holder to acquire one common share of the Company at a price of $0.80 for a term of 18 months from the date of issuance. In circumstances where, any time after the expiry of the four-month restricted period, the Company's stock trades at $1.50 or greater for 20 consecutive days, the Company may give notice accelerating the expiry date of the exercise period of the warrants to that date which is 30 days from the date of such notice. A finder's fee of 5% cash and 5% in broker's warrants will be paid in connection with this placement. Each broker warrant has a term of 18 months from the date of issuance and is exercisable into one common share of the Company in exchange for $0.64, subject to the same acceleration as the private-placement warrants.
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