RE:Another Round of Financing This is a non-brokered PP....... good, these investment houses will not get a cent out of this PP..... if they think they can depress the price to get a cheap PP....
Gold Canyon Resources Inc (C:GCU)
Shares Issued 135,725,018
Last Close 8/1/2013 $0.22
Friday August 02 2013 - News Release
Ms. Akiko Levinson reports
GOLD CANYON ARRANGES $1,954,440 NON-BROKERED PRIVATE PLACEMENT
Gold Canyon Resources Inc. has arranged a non-brokered private placement in the amount of $1,954,440 through the sale of 8,497,564 common share units at a price of 23 cents per unit. Each unit comprises one common share of the company and one non-transferable share purchase warrant which entitles the holder to purchase one further common share of the company at a price of 40 cents per share for a period of two years from the closing date of the private placement. The anticipated proceeds of the offering would be used for additional work on Gold Canyon's Springpole gold project and general corporate purposes.
The private placement is subject to TSX Venture Exchange acceptance and any securities to be issued will be subject to a hold period of four months from the closing date in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.
Certain related parties to the company, as that term is defined in Multilateral Instrument 61-101 -- protection of minority security holders in special transactions -- have subscribed for an aggregate of 2,218,000 units of the private placement, constituting a related-party transaction pursuant to TSX Venture Exchange Policy 5.9 and MI 61-101. The company has relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25 per cent of the company's market capitalization.
We seek Safe Harbor.