Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce that its board of directors have approved a proposed private placement offering of up to 8,000,000 units (each, a "Unit") at a price of $0.05 per Unit for gross proceeds of $400,000 (the "Offering"). Each Unit will consist of one common share of Canyon (each, a "Share") and one non-transferable share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one additional Share at a price of $0.05 per Share for a period of three years following the closing date of the Offering.
Subject to TSX Venture Exchange approval, Canyon may pay finders a fee consisting of either cash and/or share purchase warrants.
The proceeds of the Offering will be used for exploration of its mineral properties and general working capital purposes.
Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Benjamin Ainsworth, CEO and President
Canyon Copper Corp.
(604) 684-9365 (FAX)
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Canyon cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Canyon's control. Such factors include, among other things, risks and uncertainties relating to the fact that there is assurance that the private placement will be completed in its entirety or if at all. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Canyon undertakes no obligation to publicly update or revise forward-looking information.
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.