Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce that it has closed its private placement financing previously announced on February 5, 2014 by issuing a total of 8,000,000 units ("Units") for gross proceeds of $400,000. Each Unit consists 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 date of issuance.
In connection with the proceeds raised under the private placement financing, Canyon paid finders cash commissions totaling $7,200.
Canyon's directors and officers subscribed for a total of 2,640,000 Units under the financing. Of the Units subscribed for by insiders, Mr. Ainsworth, Chief Executive Officer, President and a director of Canyon, subscribed for 1,800,000 Units, Mr. Bordian, Chief Financial Officer of Canyon, subscribed for 490,000 Units, Mr. Kerr, a director of Canyon, subscribed for 100,000 Units and Mr. Yates, a director of Canyon, subscribed for 250,000 Units. As a result, the issuance of Units to these insiders is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Canyon is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101.
The securities issued under the financing will be subject to a hold period expiring on June 25, 2014 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.
Benjamin Ainsworth, CEO and President
Canyon Copper Corp.
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 Canyon's limited operating history and implementation of its exploration program on its mineral properties. 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.