VANCOUVER, BC, November 2, 2016.
Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce that it has closed its private placement financing previously announced on September 27, 2016 by issuing a total of 4,000,000 shares for gross proceeds of $100,000.
In connection with the proceeds raised under the private placement financing, Canyon paid finders cash commissions totaling $1,100.
The securities issued under the financing will be subject to a hold period expiring on March 1, 2017 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, pay ongoing expenses associated with meeting its continued disclosure requirements and general working capital purposes. None of the proceeds will be used to pay related parties to Canyon.
Bonus Shares issued under Loan Agreement
Canyon also announces that it has issued 400,000 common shares ("Bonus Shares") to Metamin Enterprises Inc., a company controlled by Benjamin Ainsworth, President and CEO of Canyon, in accordance with the terms of a loan agreement entered into by the parties in November 2015. The details of the loan agreement are set forth in Canyon's news release dated November 16, 2015.
The Bonus Shares will be subject to a hold period expiring on March 2, 2017 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Benjamin Ainsworth, President
Canyon Copper Corp.
(604) 684-9365 (FAX)
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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.