Trading Symbol: IO
VANCOUVER, Oct. 15, 2012 /CNW/ - Inca One Resources Corp. (the "Company") wishes to announce that it has closed the second and final tranche of its private placement (the "Private Placement") announced on September 21, 2012. In this tranche, 8,449,000 units of the Company were sold at a price of $0.10 per unit, each unit consisting of one share of the Company and one half-warrant, each whole warrant permitting the holder to buy one additional share of the Company for $0.20 for a period of one year, subject to an acceleration clause. A finder's fee of $47,400 and 474,000 warrants units has been paid. All securities issued in this second and final tranche are subject to a hold period expiring on February 13, 2013.
Proceeds of the Private Placement will be used to further develop community relations for the Company's Las Huaquillas Project and for general working capital. In total, 11,181,800 units were sold under the two tranches of the Private Placement, raising aggregate gross proceeds of $1,118,180.
The company also wishes to announce that it has entered into an agreement (the "Agreement") engaging Kin Communications Inc. ("Kin") to provide investor relations services.
Kin, which operates out of Vancouver, is one of Canada's leading full-service investor relations firms specialized in the resource industry. They have a proven track record of generating interest in their clients, building an active shareholder base, and solidifying communications that differentiate clients from their peers. Kin will assist in increasing public awareness by managing the Company's communications, marketing endeavors, and ongoing engagement with shareholders, finance professionals, and media contacts. Kin has worked with several of the TSX's top performers including Ventana Gold and Potash One, and looks forward to helping increase awareness of Inca One in the market. Aside from Kin's subscription in the Private Placement as mentioned below, Kin and its principal, Arlen Hansen, are at arm's length to the Company as at the date hereof.
Kin will be paid a monthly fee of $7,500 for an initial term of 12 months and will be granted 250,000 stock options of the Company, exercisable at $0.15 cents per share. The options will vest at a rate of 25% per quarter from date of grant and are exercisable for a period of 5 years. The Agreement and the grant of options pursuant to the Agreement are subject to regulatory approval.
In addition to the 250,000 options to be granted under the terms of the Agreement, Kin subscribed for 150,000 units of the Private Placement.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
NEITHER 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: Inca One Resources Corp.
For further information:
Edward Kelly, President & CEO, at (604) 568-4877