Marketwire
SASKATOON, SASKATCHEWAN--(Marketwired - Aug. 21, 2013) - GESPEG COPPER RESOURCES INC. (TSX VENTURE:GCR) (the "Company" or "Gespeg"), further to its news release of May 16, 2013 (http://www.marketwire.com/press-release/gespeg-announces-private-placement-for-gross-proceeds-of-up-to-1000000-tsx-venture-gcr-1791895.htm), Gespeg announces that it has completed the first tranche of its private placement (the "Offering") and has raised gross proceeds of $302,500. The first tranche closing consisted of 6,050,000 units (the "Units") at a price of $0.05 per Unit. Each Unit consists of one common share in the capital of the Company (a "Share") and one-half of one share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase one Share at a price of $0.15 exercisable until February 21, 2015.
The Company can accelerate the expiry date of the Warrants to the date that is 30 days following the date the Company issues a news release announcing that the published closing price of the Common Shares on the TSX Venture Exchange (the "Exchange") has been equal to or greater than $0.20 for any ten consecutive trading days after the hold period on the Common Shares has expired. Management and the board of directors of the Company took up 50% of the first tranche closing. The Company anticipates a second closing in September of 2013 (the "Second Tranche").
Sylvain Laberge President and CEO stated:"We are pleased with the progression of the financing to date as it will allow the Company to continue concentrating our efforts on the exploration program that is currently proceeding on the Vortex and In-between properties."
All securities issued under the Offering are subject to a statutory hold period ending on December 22, 2013 in accordance with applicable Canadian securities laws. The net proceeds from the Offering will be used by the Company to fund exploration work on the Company's In-Between project, and for general and administrative purposes. The Company also has the discretion to use a portion of the net proceeds for future project acquisitions. The Second Tranche remains subject to Exchange approval.
About Gespeg Copper Resources Inc.: Gespeg is an exploration company with a focus on copper, especially in a grossly underexplored region "Gaspé, Québec". With a dedicated management team, the Company's goal is to create shareholder wealth through the discovery of new deposits.
GESPEG COPPER RESOURCES INC.
signed
Sylvain Laberge, President and CEO
FORWARD LOOKING INFORMATION
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.