VANCOUVER, May 12 /CNW/ - Canyon Copper Corp. (the "Company") (OTCBB:CNYC) is pleased to announce that it has
completed the first tranche of its non-brokered private placement
offering by issuing 3,349,459 units (the "Units") at a price of CDN
$0.35 per unit for total proceeds of CDN $1,172,310 pursuant to
Regulation S and section 4(2) of the United States Securities Act of
1933, as amended (the "U.S. Securities Act"). Milton Datsopoulos, a
director of the Company, and Benjamin Ainsworth, President, Secretary
and a director of the Company, subscribed for CDN $50,000 and CDN
$10,050, respectively, of the non-brokered private placement offering.
Each unit consists of one share of the Company's common stock and
one-half of one non-transferable share purchase warrant, with each
whole warrant entitling the holder to purchase an additional share of
the Company at a price of CDN $0.50 per share until November 10, 2012.
The Company may accelerate the expiry date of the warrants if the
Company's shares close at a price equal to or greater than CDN $0.60
for 10 consecutive trading days. If the Company elects to exercise its
accelerated expiry date, the accelerated expiry date will be 30 days
after the Company sends out the notice of acceleration.
The Company did not pay any finders' fees under the non-brokered private
The securities sold pursuant to non-brokered private placement offering
may only be resold pursuant to Regulation S of the U.S. Securities Act,
an effective registration statement under the U.S. Securities Act or
pursuant to an another exemption from registration of the U.S.
Securities Act. Under Canadian securities laws, the shares, including
the shares issuable on exercise of warrants, are subject to
restrictions on transfer until September 12, 2011.
Proceeds of the private placement will be used fund the Company's
exploration program on the New York Canyon Project as well as for
general working capital and corporate purposes.
The above does not constitute an offer to sell or a solicitation of an
offer to buy any of the Company's securities in the United States. The
securities have not been registered under the U.S. Securities Act and
may not be offered or sold within the United States or to U.S. persons
unless an exemption from such registration is available.
About Canyon Copper
The Company's New York Canyon Property is located in the New York Canyon
area of the Santa Fe Mining District, Mineral County, Nevada. The
project hosts oxide and sulphide copper bearing mineralization outlined
by historical operators. The most advanced of these zones is the
Longshot Ridge copper oxide deposit. This zone has not been completely
outlined and remains partially open. The Copper Queen mineralized zone
is located approximately three kilometres west of Longshot Ridge and
hosts copper and molybdenum sulphide mineralization. Several additional
mineralized areas identified throughout the New York Canyon property
have yet to be explored.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Anthony Harvey, Chairman and CEO
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 the Company's expectations, and expressly
does not undertake any duty to update forward-looking statements. These
factors include, but are not limited to the following, the Company's
ability to obtain additional financing, geological, mechanical or
difficulties affecting the Company's planned geological work programs,
uncertainty of estimates of mineralized material and other factors
which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking
SOURCE Canyon Copper Corp.
For further information:
Canyon Copper Corp.
(604) 684-9365 (FAX)