Bellhaven Copper & Gold Inc.

Bellhaven Copper & Gold Inc.

October 01, 2010 07:20 ET

Bellhaven Announces Fully Allocated Non-Brokered Private Placement for C$4,500,000

Funds to Support Second Drill Program at La Mina, Colombia, and First Drill Program at Pitaloza, Panama

PANAMA, REPUBLIC OF PANAMA--(Marketwire - Oct. 1, 2010) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce a fully allocated, non-brokered, private placement of 7,500,000 units at a price of $0.60 per unit for aggregate gross proceeds of C$4,500,000, subject to the approval of TSX Venture Exchange. Each of the units is comprised of one common share of the Company and one-half of a share-purchase warrant. Each full share-purchase warrant will entitle the holder to acquire one common share of the Company at a price of $0.80 for a term of 18 months from the date of issuance. In circumstances where, any time after the expiry of the four-month restricted period, the Company's stock trades at $1.50 or greater for 20 consecutive days, the Company may give notice accelerating the expiry date of the exercise period of the warrants to that date which is 30 days from the date of such notice. A finder's fee of 5% cash and 5% in broker's warrants will be paid in connection with this placement. Each broker warrant has a term of 18 months from the date of issuance and is exercisable into one common share of the Company in exchange for $0.64, subject to the same acceleration as the private-placement warrants.

The proceeds will be used to finance Bellhaven's second drill program at the La Mina porphyry gold-(copper) project in Colombia (see press releases of May 17th, July 15th, July 27th, and September 9th) and the Company's first drill program at the Pitaloza high-sulphidation epithermal gold-(copper) project in Panama (see press releases of April 13th, June 3rd, July 8th, July 28th, and August 3rd). In addition, the proceeds will support field programs at Bellhaven's other high-sulphidation epithermal gold projects in Panama (e.g., Cerro Viejo, El Peñón, and Loma de Quito), as well as general administration and other costs. 

Paul Zweng, Bellhaven's Interim CEO and Director, commented as follows:

"We are pleased to receive continued financial support for our work programs in Colombia and Panama at minimal dilution to our shareholders. Our foremost objectives are to drill the first discovery hole at Pitaloza (Panama), to expand the La Cantera prospect at La Mina, and to discover a second gold-(copper) zone at La Mina (Colombia)."

About Bellhaven:

Bellhaven Copper & Gold Inc., is a Canadian-listed (TSX VENTURE:BHV) exploration company exploring for gold and copper in Panama and Colombia. The Company's objective is to become among the best gold-copper companies operating in Panama and Colombia by discovering, acquiring, and developing high-quality resources in a safe and responsible manner to the benefit of all of its stakeholders.

The Company's principal assets include the La Mina porphyry gold-(copper) project in the Middle Cauca belt of Colombia, the high-sulphidation epithermal gold-(copper) and porphyry copper prospects located on the Azuero Peninsula in Panama, and the La Ventura prospect in the San Lucas gold belt in northeastern Colombia. 

On behalf of the board of directors,

Paul L. Zweng, CEO & Director


For more information, please visit the Company's web site at

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.

Contact Information

  • Bellhaven Copper & Gold Inc.
    Paul Zweng, CEO/Director
    Corporate Contact in North America
    Bellhaven Copper & Gold Inc.
    Julio Benedetti, President/Director
    Corporate Contact in Panama
    Int'l No: +507-226-3967