VANCOUVER, Oct. 25, 2012 /CNW/ - Lumina Copper Corp. (TSX Venture: LCC) (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement of common shares for gross proceeds of C$23,750,000. The Company issued a total of 2,500,000 common shares at a price of C$9.50 per common share.
The proceeds from the placement will be used to fund the Company's capital needs through late 2013, including US$2.6 million to fund all remaining costs to complete a Preliminary Economic Assessment on a mining and milling operation at the Company's Taca Taca project, $12.4 million to repay loans outstanding to Lumina Capital Limited Partnership, and the remainder for general corporate purposes.
LUMINA COPPER CORP
Signed: "David Strang"
David Strang, President & CEO
CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to plans for developing any of its projects including its intention on the use of the funds raised in the financing. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Company's projects, risks related to international operations, the actual results of current exploration and development activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of copper and molybdenum, as well as those factors discussed in the sections relating to risk factors of our business filed in the Company's required securities filings on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Lumina Copper does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Neither the 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 news release.
SOURCE: Lumina Copper Corp
David Strang, President & CEO
tel: + 604 646 1880
fax: + 604 687 7041