Trading Symbol TSX V: GTC
VANCOUVER, June 8, 2015 /CNW/ - Getty Copper Inc. (TSXV: "GTC") ("Getty") is pleased to announce that further to its news release dated May 8, 2015, it has now closed its non-brokered private placement offering of 3,466,668 common shares (the "Shares") at a price of $0.075 per Share for gross proceeds of $260,000. (the "Private Placement"). 2,773,333 of the Shares issued are designated as flow-through common shares (the "FT Shares").
A number of Company insiders participated in the Private Placement. The issuance of Shares to insiders is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61- 101. Getty is relying on the 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 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of Getty's market capitalization. As a result of the placement John Lepinski directly and indirectly owns an aggregate of 38,490,666 Shares (35.5% of issued shares). Ralph Berezan directly and indirectly owns an aggregate 21,200,077 Shares (19.6%), Donald Willoughby directly and indirectly owns an aggregate 728,333 Shares (>1%) and Dennis Milburn directly and indirectly owns an aggregate 133,333 Shares (>1%).
All securities issued in connection with the Private Placement are subject to a statutory hold period expiring on October 4, 2015. Proceeds from the Private Placement will be used to fund Getty's exploration programs on its Getty Copper project adjacent to the Highland Valley mine in British Columbia. The Company will renounce an amount equal to the gross proceeds derived from the sale of the FT Shares to purchasers in accordance with the provisions of the Income Tax Act (Canada).
ON BEHALF OF THE BOARD OF DIRECTORS
John Lepinski, Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release
SOURCE Getty Copper Inc.
For further information: John Lepinski, GETTY COPPER INC., Phone: 604-931-3231, Fax: 604-931-2814