Copper Cowboy Announces Closing of Share Exchangeadmin
Vancouver, BC / ACCESSWIRE / March 7, 2014 / Copper Cowboy Resources Inc. (“Copper Cowboy” or the “Company”) (CSE: CCQ) announces, further to its news release of January 30, 2014, that it has closed its securities exchange with Global Resources Investment Trust plc (“GRIT”).
The Company issued 3,000,000 common shares at a deemed price of $0.08 per share to GRIT, in exchange for 130,954 ordinary shares of GRIT (the “GRIT Shares”), at the deemed price of ?1.00 per GRIT Share. The securities issued to GRIT are subject to resale restrictions expiring July 8, 2014.
The Company intends to sell the GRIT Shares through the facilities of the London Stock Exchange. During the first six months, all sales of GRIT Shares will be arranged by GRIT. While the Company will seek to maximize the proceeds it receives from the sale of its GRIT Shares, there is no assurance as to the timing of disposition or the amount that will be realized. Funds realized from the sale of the GRIT Shares will be used by the Company for general working capital purposes.
The GRIT Shares were distributed pursuant to a prospectus published by GRIT in the UK on February 28, 2014. GRIT’s application to list its ordinary shares on the premium listing segment of the Official List and to trade on the London Stock Exchange’s main market became effective today. GRIT’s distribution of the GRIT Shares to the Company and other Canadian based issuers was also made pursuant to a discretionary exemption order granted by the Ontario and British Columbia Securities Commissions by order dated November 13, 2013.
GRIT has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIT has conducted share exchange transactions with 41 junior resource companies (32 headquartered in Canada), acquiring an initial portfolio of their securities in exchange for 39,520,012 ordinary shares having a deemed value of ?39,520,012 (approximately C$73,250,000).
The Company has issued 300,000 shares at a deemed price of $0.08 per share to a private British Columbia company as a finder’s fee in connection with the transaction.
On Behalf of the Board of Directors,
Copper Cowboy Resources Inc.
Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Not for Distribution in the United States or to U.S. Persons.
Posted: March 7th, 2014 under ACCESSWIRE.