Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce that it has closed its private placement financing previously announced on August 22, 2017 by issuing a total of 15,000,000 units ("Units") for gross proceeds of $1,500,000. Each Unit consists of one common share of Canyon (each, a "Share") and one-half non-transferable share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one additional Share at a price of $0.15 per Share for a period of two years following the date of issuance.
In connection with the proceeds raised under the private placement financing, Canyon paid finders cash commissions totaling $56,000, and 560,000 brokers warrants, with each Warrant entitling the holder to purchase one additional Share at a price of $0.15 per Share for a period of two years following the date of issuance.
The securities issued under the financing will be subject to a hold period expiring on January 28, 2018 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
The proceeds of the financing will be used for exploration of its mineral properties and general working capital purposes.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Stephen Wallace, President, CEO and Director
Canyon Copper Corp.
Cautionary Statement Regarding Forward Looking Information
This News Release may contain, in addition to historical information, forward-looking statements. These forward-looking statements are identified by their use of terms and phases such as "believe," "expect," "plan," "anticipate" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Canyon's expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, limited operating history, proposed exploration and/or drill programs and other factors which may cause the actual results, performance or achievements of Canyon to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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