TSX-V Symbol: BCU
VANCOUVER, BC, April 26 /CNW Telbec/ - Bell Copper Corporation ("Bell Copper" or the "Company") (TSXV: BCU) is pleased to announce that
it has agreed to increase its previously announced brokered private
placement from $2.5 million up to $4 million. The Company will continue
to offer units at $0.20. Each unit however will now consist of one
common share and one common share purchase warrant, with each warrant
now exercisable at $0.35 for a period of 18 months from the date of
Proceeds from this financing will be used primarily to fund the
feasibility study of the Company's La Balsa project in Mexico, the
proposed acquisition of the Van Dyke project in Arizona, the
commencement of confirmation drilling and core re-assaying aimed at
bringing the historical resources at Van Dyke into a 43-101 compliant
status, the commencement of a Preliminary Economic Assessment at Van
Dyke, and planned drilling at the Company's Kabba project in Arizona.
D&D Securities Inc. is acting as lead agent for the Financing, with
Delano Capital Corp. acting as a co-agent (collectively the "Agents").
Upon the closing of the Financing, the Agents will receive a cash
commission representing 7% of the gross proceeds of the sale of the
securities. The Company will also issue share purchase warrants to the
Agents on closing entitling the Agents to purchase, at an exercise
price of $0.20 for a period of 18 months, that number of common shares
equal in number to 10% of aggregate number of Units sold in the
Financing. The Financing is subject to a number of conditions including
receipt of all necessary corporate and regulatory approvals, including
the approval of the TSX Venture Exchange. All securities issued in
connection with the Financing will be subject to a statutory hold
period of four months, plus a day, from the date of issuance in
accordance with applicable securities law legislation.
The Company is also pleased to announce changes to its board of
directors and new additions to its management team. Gordon Fretwell
and William Harper have resigned from the board, and these openings are
being filled by Stan Bharti and Don Dudek. The board wishes to thank
Mr. Fretwell and Mr. Harper for their years of service to the Company
and for their assistance in helping to build the Company's strong
portfolio of development and exploration properties.
Over the last two decades, Mr. Bharti has been responsible for the
creation and growth of multiple mining companies which have seen
increases in market capitalization in the billions of dollars. He has
extensive experience in the acquisition, restructuring and financing of
mining companies, and since 2001 has been the Executive Chairman of
Forbes & Manhattan, Inc., a private merchant bank operating in Canada,
the United States and Western Europe. Previous positions include Chief
Executive Officer of Consolidated Thompson-Lundmark Gold Mines Ltd.,
and President and Chief Executive Officer of Desert Sun Mining Corp.
Mr. Dudek is an exploration geologist who has held various roles with
junior to senior exploration and mining companies over the past 30
years. Mr. Dudek currently serves as Senior Vice President Exploration
for Avion Gold Corporation and is a member of the board of directors
for Sulliden Gold Corporation and Alder Resources Ltd. Prior to Avion,
Mr. Dudek was Exploration Manager for Aur Resources Inc. over an area
that included northern South America through to northern Canada. During
this time, he reviewed numerous projects in Latin America including
Bell Copper's projects in Mexico and Arizona. This combination of
experience makes him an ideal person to provide geological and
operational guidance to the board.
In addition, Deborah Battiston has joined the Company as the new Chief
Financial Officer, and Steve Manz has joined as the Vice President of
Deborah Battiston is a Certified General Accountant with over 25 years
of accounting and financial management experience. Ms. Battiston is the
Chief Financial Officer of a number of Canadian public mining companies
with interest in a variety of foreign jurisdictions. Ms. Battiston
obtained a B.A. in Economics from the University of Guelph.
Mr. Manz has over 20 years of experience in corporate and operational
finance, merger/acquisitions, start-ups, and turnarounds. He has acted
as President and Chief Financial Officer of a number of companies in
the mining and power industries, and has been directly involved in the
securing of over $800 million of small to mid-cap debt and equity.
Companies managed or acquired by Mr. Manz have seen over $1 billion of
increased market capitalization.
The Company also announces that as a result of its decision on February
7, 2011 not to proceed with its plans to spin off its exploration
projects into a new company and consolidate the share capital in the
separate company that was to have held the La Balsa and Van Dyke
development projects, it has adjusted the number of shares that are to
be provided to the vendor of the Van Dyke assets. The vendor, which
was to have received 2 million shares of the post spin-off and post
consolidation shares of the company holding the La Balsa and Van Dyke
development projects, will now be receiving 5.6 million shares of the
Company following the completion of the Van Dyke acquisition, estimated
to be completed within the next 60 days.
About Bell Copper
Bell Copper is a public company with a focus on copper exploration,
development and production in North America. The Company has an
extensive portfolio of exploration and development projects located in
some of North America's premier copper producing regions including
Mexico and the Southwestern US.
More information on Bell Copper: www.bellcopper.net
On behalf of the Board of Directors of
Bell Copper Corporation
Michael Werner, CEO & Director
"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."
SOURCE BELL COPPER CORPORATION
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