Message #6 From:
Stock News Bot Date: August 8, 2009 09:22:20 AM
CNYC, Canyon Copper Completes First Tranche of Private Placement and Completes Debt Settlement of Convertible Notes
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/02/09 -- Canyon
Copper Corp. (the "Company") (OTCBB: CNYC Mining stock news) is pleased to announce that
it has completed the first tranche of its $1.25 million foreign private
placement offering by issuing 17,025,000 shares at a price of $0.04 per
share for total proceeds of $681,000. The issuance was completed under
the provisions of Regulation S of the Securities Act of 1933 (the
"Act"). The Company did not engage in a distribution of this offering
in the United States. Each of the subscribers represented that they
were not a US person as defined in Regulation S and that they were not
acquiring the units for the account or benefit of a US person. There
are no assurances that the remainder of the foreign private placement
offering will be completed.
Also on June 30, 2009, the Company issued 1,875,000 shares at a
price of $0.04 per share for total proceeds of $75,000 to a director of
the Company. The shares were issued under the provisions of Section
4(2) of the Act.
The above does not constitute an offer to sell or a solicitation of
an offer to buy any of the Company's securities in the United States.
The securities have not been registered under the Act and may not be
offered or sold within the United States or to U.S. persons unless an
exemption from such registration is available.
Debt Settlement of Convertible Notes
On June 30, 2009, the Company issued 19,637,947 units at a deemed
price of $0.04 per unit (the "Units") in order to settle an aggregate
of $785,517.88 in existing convertible notes. Each unit is comprised of
one share of the Company's common stock and one-half share purchase
warrant. Each whole share purchase warrant will entitle the holder to
purchase one additional share of the Company's common stock at a price
of $0.06 per share for a period ending two (2) years from the date of
issuance of the units. The issuance was completed under the provisions
of Regulation S of the Act. The Company did not engage in a
distribution of this offering in the United States. The convertible
note holders represented that they were not US persons as defined in
Regulation S and that they were not acquiring the units for the account
or benefit of a US person.
About CNYC Mining Stock Profile Canyon Copper
The Company's New York Canyon Property is located in the New York
Canyon area of the Santa Fe Mining District, Mineral County, Nevada.
The project hosts oxide and sulphide copper bearing mineralization
outlined by historical operators. The most advanced of these zones is
the Longshot Ridge copper oxide deposit. This zone has not been
completely outlined and remains partially open. The Copper Queen
mineralized zone is located approximately three kilometres west of
Longshot Ridge and hosts copper and molybdenum sulphide mineralization.
Several additional mineralized areas identified throughout the New York
Canyon property have yet to be explored.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Kurt Bordian, CFO and Treasurer
This News Release may contain, in addition to historical
information, forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are identified by their use of terms and phrases such as
"believe", "expect", "plan", "anticipate" and similar expressions
identifying forward-looking statements. Investors should not rely on
forward-looking statements because they are subject to a variety of
risks, uncertainties and other factors that could cause actual results
to differ materially from the Company's expectations, and expressly
does not undertake any duty to update forward-looking statements. These
factors include, but are not limited to the following, the Company's
ability to obtain additional financing, geological, mechanical or
difficulties affecting the Company's planned geological work programs,
uncertainty of estimates of mineralized material and other factors
which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking
statements.
