ICS Copper Systems Ltd.

ICS Copper Systems Ltd.

May 02, 2007 20:38 ET

ICS Copper Systems Ltd. Announces Completion of C$8,500,000 Initial Public Offering

ABBOTSFORD, BRITISH COLUMBIA--(CCNMatthews - May 2, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR VIA U.S. NEWSWIRE SERVICES.

ICS COPPER SYSTEMS LTD. ("ICS") is pleased to announce that it has completed its initial public offering of 10,000,000 Units at a price of $0.85 per Unit, pursuant to its prospectus dated March 30 2007, for aggregate gross proceeds of $8,500,000. Each Unit is comprised of one common share (the "Share") and one-half of one transferable share purchase warrant, each whole warrant entitling the holder to purchase one Share for a period of 24 months after closing at a price of $1.30. As a result of this issuance, the Corporation has 24,434,120 common shares issued and outstanding.

Canaccord Capital Corporation acted as Lead Agent in connection with this initial public offering. The Company has granted the Agent an Overallotment option exercisable for a period of 60 days from closing of the Offering to solicit subscriptions for and purchase up to an additional 1,500,000 Units at the Offering price.

The common shares and warrants of ICS will commence trading on the TSX Venture Exchange under the symbols "ICX" and "ICX.WT" after the final bulletin has been issued by the Exchange.

About ICS Copper Systems Ltd.

The Company aspires to developing into being a major African mining company centered on the copper belt of Democratic Republic of Congo (DRC) and Zambia. It holds an option agreement to acquire up to 80% of the Mokambo Copper mine in Zambia, an option agreement to acquire 76% of the Musoshi Tailings in DRC and an option agreement to acquire 73.5% of a group of four mining concessions in DRC covering 5,366 square kilometres.

The directors and officers of the Corporation are:

Graham A. Chisholm, A.C.I.S., President, CEO and Director

David Makepeace, M.Eng., P.Eng, Director

Fred Sveinson, B.Sc., B.A., P.Eng, Director

Douglas B. Whitelaw, Director

Michael Halvorson, Director

David Fynn, C.A., CFO

Mel Smale, Chairman

Jeannette Durand, Corporate Secretary

ON BEHALF OF THE BOARD OF DIRECTORS

Graham A. Chisholm, President and CEO

Further information about the Company can be found on the website (http://www.icscopper.com) and SEDAR (www.sedar.com) or by contacting V.P. of Public Relations Mr. Brett Whitelaw at (604) 662-8633.

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of this release.

Contact Information

  • ICS Copper Systems Ltd.
    Graham Chisholm
    President & CEO
    (604) 859-3007
    (604) 859-3007 (FAX)
    Email: icscopper@telus.net
    or
    ICS Copper Systems Ltd.
    Mr. Brett Whitelaw
    V.P. of Public Relations
    (604) 662-8633
    Website: www.icscopper.com