Trading Symbol TSX V: GTC
VANCOUVER, May 8, 2015 /CNW/ - Getty Copper Inc. (TSXV: "GTC") ("Getty") announces that its board of directors has approved a proposed private placement offering of up to 2,773,333 flow through common shares of Getty at a price of $0.075 per share for gross proceeds of $208,000 and an offering of up to 693,334 non-flow through shares to raise $52,000. Getty anticipates that insiders and their associates will subscribe for substantially all of the private placement.
The issuance of shares to insiders pursuant to the private placement is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Getty intends to rely on 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 will directly and indirectly own an aggregate of 38,490,666 shares (35.5% of issued shares). Ralph Berezan will directly and indirectly own an aggregate 21,200,077 shares (19.5%)
Closing of the proposed offering is subject to customary approval of the TSX Venture Exchange. Proceeds of the offering will be used to fund Getty's exploration programs on its Getty Copper project adjacent to the Highland Valley mine in British Columbia.
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