Canyon Copper Corp. (OTCBB:CNYC) reports that it approved a private placement offering at a price of CDN $0.35 per unit for gross proceeds of up to CDN $3.15 million.
The press release is quoted as saying:
Canyon also approved a private placement offering of 142,857 Units at a price of CDN $0.35 per share for gross proceeds of up to $50,000. This offering will be completed pursuant to Section 4(2) of the Securities Act to persons who are either a director or executive officer of Canyon. The Units issued under this offering will be on the same terms as the Foreign Private Placement.
The proceeds of the private placement offerings will be used for work on the Company’s New York Canyon property, working capital and general expenses. There is no assurance that the private placement offering or any part of it will be completed.