ICS Copper Systems Ltd

ICS Copper Systems Ltd Completes 1st Private Placement of $100,000 CAD & Announces 2nd Private Placement of $100,000 CAD

    Abbotsford, Canada (ots/PRNewswire) - ICS Copper Systems Ltd. (ICX:TSX.V) reports that it has completed its  non-brokered private placement as previously announced on September 30th,  2009. The private placement consisted of 1,000,000 units at a price of $0.10  per unit for gross proceeds of $100,000. Each unit is comprised of one common  share (a "Share") and one full warrant entitling the holder to purchase a  common share until October 8th, 2010 at a price of $0.12, until October 8th,  2011 at a price of $0.15, until October 8th, 2012 at a price of $0.20.

    The warrants are subject to accelerated expiry if common shares trade at or above $0.35 in any 20 consecutive trading day periods ending after the  date that is four months and a day after the closing.

    All securities are subject to a hold period expiring February 9, 2010.

    The proceeds of the private placement will be used towards general working capital.

    2nd Private Placement

    ---------------------

    Due to the oversubscription of the above Private Placement ICS has arranged a second non-brokered private placement of 1,000,000 (One Million) units at a price of $0.10 per unit for gross proceeds of $100,000. This  second private placement has the same terms as the previous private  placement. Each unit will consist of one common share and one full warrant  entitling the holder to purchase a common share at a price of $0.12 if  exercised within a period of 12 months, $0.15 if exercised within a period  of 24 months, $0.20 if exercised within a period of 36 months.

    The warrants are subject to accelerated expiry if common shares trade at or above $0.35 in any 20 consecutive trading day periods ending after the  date that is four months and a day after the closing.

    A finder's fee of 5% of units issued (a total of 50,000 units) will be paid in connection with the placement subject to Exchange approval.

    The private placement is subject to acceptance for filing by the TSX Venture Exchange.  All securities to be issued pursuant to the private placement will be subject to a four month hold.

    Proceeds of the private placement will be used by the Company for general working capital.

    ICS COPPER SYSTEMS LTD.

    Signed "Graham Chisholm"

    Graham Chisholm, President & CEO

    This release includes certain statements that are "forward-looking statements". All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of  certain risk factors, the probability of which is unknown, may also affect  actual results, events and developments expected by the Company. Neither  the 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.

    For further information: Graham Chisholm, graham@icscopper.com, Office: +1-604-859-3007, Cell: +1-604-302-0746; Jeannette Durand, jeannette@icscopper.com; Web Page: http://www.icscopper.com

ots Originaltext: ICS Copper Systems Ltd
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
For further information: Graham Chisholm, graham@icscopper.com,
Office: +1-604-859-3007, Cell: +1-604-302-0746; Jeannette Durand,
jeannette@icscopper.com; Web Page: http://www.icscopper.com



Weitere Meldungen: ICS Copper Systems Ltd

Das könnte Sie auch interessieren: