SASKATOON, SASKATCHEWAN--(Marketwired - May 27, 2014) -
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GESPEG COPPER RESOURCES INC. (TSX VENTURE:GCR) (the "Company" or "Gespeg") Gespeg announces that it has completed the final tranche of its private placement (the "Offering") and has raised further gross proceeds of $398,500. The final tranche of the Offering consisted of 7,970,000 units (the "Units") at a price of $0.05 per Unit. Each Unit consists of one common share in the capital of the Company (a "Share") and one-half of one share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase one Share at a price of $0.15 exercisable until May 26th, 2016. The Shares issued are subject to a statutory hold period in accordance with applicable securities legislation which expires on September 27, 2014.
In total, the Offering (tranche one and tranche two) raised gross proceeds of $606,000 for a total of 12,120,000 Units. The net proceeds from the Offering will be used by the Company to fund exploration work on the Company's Vortex and Port Daniel project and for general administrative purposes.
Gespeg announces further to its news release of March 28, 2014, a gypsy swap for 4,500,000 shares only 500,000 shares were executed with a third party and the proceeds have been reinvested in the Offering.
Gespeg also announces that it is proceeding with a new private placement on the same terms as the Offering to raise further gross proceeds of up to $250,000 (the "Follow-on Offering"). The Company may pay a finder's fee in connection with the Follow-on Offering within the amount permitted by the policies of the TSX Venture Exchange (the "TSX-V"). Closing of the Follow-on Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX-V. All securities issued in connection with the Follow-on Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The net proceeds from the Follow-on Offering will be used by the Company to fund the exploration work on the Company's Vortex and Port Daniel project, and for general and administrative purposes.
About Gespeg Copper Resources Inc.: Gespeg is an exploration company with a focus on copper, especially in a grossly underexplored region "Gaspé, Québec". With a dedicated management team, the Company's goal is to create shareholder wealth through the discovery of new deposits.
GESPEG COPPER RESOURCES INC.
Sylvain Laberge, President and CEO
FORWARD LOOKING INFORMATION
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.