Trading Symbol: CCY
VANCOUVER, Sept. 16, 2014 /CNW/ - Catalyst Copper Corp.
("Catalyst" or the "Company") (TSX VENTURE:CCY) announces that
further to its news release dated August 29,
2014, it has closed its non-brokered private placement of
2,100,000 units at a price of $0.30
per unit for gross proceeds of $630,000. Each unit consists of one common share
and one full common share purchase warrant. Each whole common share
purchase warrant will be exercisable at $0.40 per common share until September 15, 2017. The securities issued in
connection with this private placement are subject to a four month
statutory hold period expiring on January
16, 2015. Proceeds will be used for general working capital
and to explore other potential opportunities.
The Company also announces the appointment of Paul Ireland as Chief Financial
Officer, Purni Parikh as Vice President Corporate Secretary
and Letitia Cornacchia as Vice
President Investor Relations and Corporate Communications.
Mr. Ireland is a Chartered Accountant with extensive financial
experience in the mining and forestry sectors and is currently the
CFO of Wildcat Silver Corporation. Other recent CFO roles
include with Ventana Gold Corp., Western Forest Products Inc. and
Diavik Diamond Mines Inc. Ms. Parikh brings extensive
business and corporate governance experience from 20 years in the
mining sector and is currently Vice President Corporate Secretary
of Wildcat Silver Corporation and Plata Latina Minerals Corporation
and previously held the same positions with Augusta Resource
Corporation and Ventana Gold Corp. Ms. Cornacchia brings over 10
years of experience in investor relations, corporate communications
and finance largely in the mining industry and is currently Vice
President Investor Relations of Wildcat Silver Corporation and
Plata Latina Minerals Corporation. She previously held the
same positions with Augusta Resource Corporation and Ventana Gold
Corp. and before that was Director of Investor Relations at Yamana
Gold Corporation.
Mr. Ireland and Ms. Parikh have replaced Jeremy Crichton who has tendered his resignation
as Chief Financial Officer and Corporate Secretary. The Board
wishes to thank Mr. Crichton for his past service and wishes him
every success in his future endeavours.
Pursuant to the private placement, Augusta Investments Inc., a
company owned and controlled by Richard
Warke, acquired 700,000 units at a price of $0.30 per unit which consists of 700,000 common
shares, representing 2.23% of the issued and outstanding common
shares and 700,000 warrants representing 3.04% of the issued and
outstanding warrants of the Company. As a result of the acquisition
of securities described above, Mr. Warke indirectly beneficially
owns in aggregate 5,661,904 common shares of Catalyst, representing
18.04% of the current issued and outstanding shares of Catalyst and
would own 11,190,475 common shares, representing 30.32% on a
partially diluted basis, assuming the exercise of 5,528,571
warrants. Also pursuant to the private placement, The Radcliffe
Foundation, a charitable organization controlled by Frank Giustra, acquired 700,000 units at a price
of $0.30 per unit which consists of
700,000 common shares, representing 2.23% of the issued and
outstanding common shares and 700,000 warrants representing 3.04%
of the issued and outstanding warrants of the Company. As a result
of the acquisition of securities described above, Mr. Giustra
indirectly beneficially owns and/or controls in aggregate 4,369,123
common shares of Catalyst representing 13.92% of the current issued
and outstanding shares of Catalyst and would own and/or control
7,792,961 common shares, representing 22.39% on a partially diluted
basis, assuming the exercise of 3,376,171 warrants and 47,667
options. The Company further announces that pursuant to the private
placement, Ian Telfer acquired
675,000 units at a price of $0.30 per
unit which consists of 675,000 common shares, representing 2.15% of
the issued and outstanding common shares and 675,000 warrants
representing 2.93% of the issued and outstanding warrants of the
Company. As a result of the acquisition of securities described
above, Mr. Telfer owns 6,275,000 common shares of Catalyst,
representing 19.99% of the current issued and outstanding shares of
Catalyst and would own 12,550,000 common shares, representing
33.32% on a partially diluted basis, assuming the exercise of
6,275,000 warrants.
Each of Messrs. Warke, Giustra and Telfer have signed a Letter
of Undertaking to the TSX Venture Exchange stating that without
receiving prior approval of the Company's shareholders, they will
not exercise their warrants at any time when such exercise would
increase their ownership of common shares of the Company to 20% or
more of the issued capital.
The Company has been advised that Richard Warke and his related entities,
Frank Giustra and his related
entities, and Ian Telfer have
acquired these securities for investment purposes and have no
present intention to acquire further securities of the Company,
although they may in the future acquire or dispose of securities of
the Company, through the market, privately or otherwise, as
circumstances or market conditions warrant.
About Catalyst Copper:
Catalyst Copper Corp. is a copper and base metal company with a
focus on copper mining projects in Mexico. Our current focus is the La Verde copper property, which is situated in
the Sierra Madre del Sur approximately 320 kilometres west of
Mexico City in Michoacán State
with excellent infrastructure: roads, rail, water and power.
Lazaro Cardenas, Mexico's third
largest port on the Pacific Ocean is 180 km from the site. A 43-101
Technical Report dated September 30,
2012 on the La Verde
property is filed on Sedar.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP.
"Richard Warke"
Richard Warke – CEO, President &
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 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.
SOURCE Catalyst Copper Corp.