Catalyst Copper Corp. Closes Private Placement
VANCOUVER, March 5, 2013
VANCOUVER, March 5, 2013 /PRNewswire/ - Catalyst Copper Corp. (TSXV: CCY)
(the "Company" or "Catalyst") is pleased to announce today that it has closed
the first tranche, of 4,066,667 units for proceeds of $244,000, of its
previously announced non-brokered private placement of 10,000,000 units (the
"Offering") of the Company at a price of $0.06 per unit.
The Company elected not to complete the entire 10,000,000 units announced
February 20, 2013 due to the expected decision from Teck Resources Limited in
regards to Catalyst's La Verde Project, Mexico on or before March 4, 2013. It
elected to cut-off acceptance of subscription agreements as of February 27,
2013. Once a decision is received from Teck Resources Limited, the Company
will look at whether to proceed with the balance of the offering at the higher
of the $0.06/unit or a post-announcement price.
The Corporation intends to use the proceeds from the sale of the Units to meet
ongoing concession fees and site maintenance at the La Verde project and
general working capital.
Each unit consists of one common share and one half of a common share purchase
warrant. Each whole warrant will entitle its holder to purchase one additional
common share of the Company until five (5) years from the closing date, at a
price of $0.12 per common share. The securities issued under the private
placements will be subject to a four-month hold period ending July 4, 2013.
Insiders of the Company purchased 3,166,667 units of the 4,066,667 units (~
78%) of in the first tranche.
About La Verde
La Verde is located in an area with excellent infrastructure: Power, rail and
water. Lazaro Cardenas, Mexico's third largest port on the Pacific Ocean is
180 km from the site. Significant upside potential remains for the two known
zones of porphyry style copper, gold and silver mineralization as drill
programs have shown both deposits remain open to depth and along strike.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP.
"John W. Greenslade"
John W. Greenslade - President, CEO (Director)
Certain information set forth in this news release may contain forward-looking
statements that involve substantial known and unknown risks and
uncertainties. These forward-looking statements are subject to numerous risks
and uncertainties, certain of which are beyond the control of the Company,
including, but not limited to, risks associated with mineral exploration and
mining activities, the impact of general economic conditions, industry
conditions, dependence upon regulatory approvals, and the uncertainty of
obtaining additional financing. Readers are cautioned that the assumptions
used in the preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. 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 release.
SOURCE Catalyst Copper Corp.
Corporate Communications Officer: Denby Greenslade (604) 638-5900.
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