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VANCOUVER, Nov. 26, 2012 /CNW/ - Ecuador Gold & Copper Corp. (TSX-V: EGX) is pleased to announce that it intends to undertake a non-brokered private placement (the "Private Placement") of up to 11,904,762 units (the "Units") at a price of US$0.21 per Unit for gross proceeds of up to US$2,500,000.
Each Unit is comprised of one common share and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one additional common share of the Company at an exercise price of C$0.35 per common share for a period of 36 months from the date of issuance.
In connection with the Private Placement, the Company may pay finder's fees in accordance with the policies of the TSX Venture Exchange.
The securities issued will be subject to a four-month hold period from the date of issuance.
The net proceeds of the Private Placement will be used for exploration and development of the Company's Condor Gold Project and for general working capital purposes.
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 release.
SOURCE: Ecuador Gold and Copper Corp.
For further information:
Vice-President, Corporate Development
Telephone: (604) 569-0721