Stock Info
| November 22, 2010 Canadian Orebodies Closes Oversubscribed Non-Brokered Private Placement | |
| TORONTO, November 22, 2010 --- Canadian Orebodies Inc. (TSXV: CO) (the "Company") ") is pleased to announce that its non-brokered private placement originally announced on October 26, 2010 and then increased on November 17, 2010 (the "Financing") has closed. The Financing was oversubscribed and increased again for aggregate gross proceeds of $1,138,619 through the sale of 12,651,332 units of securities of the Company (each, a "Unit") at a price of $0.09 per Unit. Insiders of the Company subscribed for 580,000 of the Units. Each Unit is 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 (the "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 paid cash finders' fees in the aggregate amount of $40,733 and granted non transferable options (each, a "Finders Option") to purchase an aggregate of up to 283,555 units of the Company (each, a "Finders Unit"). Each Finders Option entitles the holder thereof to purchase one Finders Unit for a period of 24 months from the date of issuance at an exercise price of $0.09. 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 securities issued by the Company in connection with this offering are subject to a statutory hold period which expires on March 20, 2011. The proceeds of the Financing will be used to advance the Company's lithium/rare metals properties and for general working capital purposes. Debt Settlement Additionally, the Company announces that it has received approval from the TSX Venture Exchange for a shares for debt settlement with MacDonald Mines Exploration Ltd. ("MacDonald") as was disclosed in the Company's press release dated October 26, 2010. MacDonald has agreed to settle the debt in exchange for the issuance of common shares in the capital of the Company ("Common Shares") at a price of $0.09 per Common Share, for an aggregate issuance of 1,828,558. The shares will be subject to a four month + one day hold period, which will expire on March 20, 2010. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release. For more information please contact: Gordon McKinnon, President & CEO Canadian Orebodies Inc. (416) 644-1747 www.canadianorebodies.com | |
You can view the Next News Releases item: Mon Dec 13, 2010, Canadian Orebodies Assays up to 4.09% Li2O and 501 ppm Ta2O5 on Zigzag Property You can view the Previous News Releases item: Wed Nov 17, 2010, Canadian Orebodies Announces Increase to Non-Brokered Private Placement You can return to the main News Releases page, or press the Back button on your browser. |
