Stock Info
| October 26, 2010 Canadian Orebodies Annouces Non-Brokered Private Placement | |
TORONTO, October 26, 2010 - Canadian Orebodies Inc. (TSXV: CO) (the "Company") ") is pleased to announce that it is undertaking a non-brokered private placement (the "Financing") to raise up to $750,000 through the sale of 8,333,333 units of securities of the Company (each, a "Unit") at a price of $0.09 per Unit. Each Unit will be comprised of one common share of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant of the Company (each such whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share for a period of 24 months from the closing of the Financing (the "Closing Date") at an exercise price of $0.18 per Common Share provided, however, that the expiry date of the Warrants may be accelerated, at the option of the Company, if the closing price of the Common Shares on the TSX Venture Exchange or such other exchange, market or trading or quotation facility in Canada exceeds $0.30 for a period of 20 consecutive trading days, commencing any time after the date that is four months and one day after the Closing Date, by giving notice to the holders thereof, in which case the Warrants will expire on the twentieth business day after the date on which such notice is given by the Company. The Company will pay cash finders' fees to eligible finders for an aggregate amount of 7% of the gross proceeds and grant non transferable options (each, a "Finders Option") to purchase an aggregate of up to 10% of the units of the Company (each, a "Finders Unit")placed by each eligible finder. Each Finders Option entitles the holder thereof to purchase one Finders Unit for a period of 24 months from the date of issuance at the underlying price of the Unit. Each Finders Unit will be comprised of one Common Share and one half of one Common Share purchase warrant (each such whole Common Share purchase warrant, a "Finders Unit Warrant"). Each Finders Unit Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.18 per Common Share for a period of 24 months from the Closing Date. The proceeds of the Financing will be used to advance the Company's lithium/rare metals properties and for general working capital purposes. The Company also wishes to announce that it proposes to settle up to an aggregate of $164,570.25 of debt with MacDonald Mines Exploration Ltd. in consideration for the issuance of up to 1,828,558 common shares of the Company at $0.09 per share. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release. For more information or interest in the private placement please contact: Gordon McKinnon, President & CEO Canadian Orebodies Inc. (416) 644-1747 [email protected] www.canadianorebodies.com | |
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