Bellhaven Copper & Gold Inc.

Bellhaven Copper & Gold Inc.

October 18, 2010 17:37 ET

Bellhaven Closes Private Placement

PANAMA, REPUBLIC OF PANAMA --(Marketwire - Oct. 18, 2010) - Bellhaven Copper & Gold Inc. (TSX VENTURE:BHV) ("Bellhaven" or the "Company") is pleased to announce that it has closed a non-brokered private placement of 8,335,200 units at a price of C$0.60 per unit for total gross proceeds of C$5,001,120. Each unit 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 C$0.80 for a term of 18 months from the date of issuance. The securities that were issued under the private placement are subject to a four-month hold period expiring on February 19, 2011.

A total finder's fee of C$225,006 and 375,010 finder's warrants was paid to Dundee Securities Corporation and Cormark Securities, Inc. in connection with this offering. Each finder's warrant entitles the holder to acquire one common share of the Company for C$0.64 within 18 months of the date of issuance.

The warrants forming part of the units and the finders' warrants are subject to an acceleration provision such that, if at any time after February 19, 2011, the closing price of the Company's shares is $1.50 or greater for 20 consecutive trading days, then the Company may give notice to the warrant holders that the expiry date of the warrants has been accelerated to that date which is 30 days following the date of the notice.

The Company would also like to announce that it has issued some of its employees a total of 360,000 incentive stock options priced at $0.60 with a term of 5 years.

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, Interim 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. - North America
    Paul Zweng
    Interim CEO/Director
    Bellhaven Copper & Gold Inc. - Panama
    Julio Benedetti