Logan Copper Inc.

Logan Copper Inc.

November 15, 2010 11:01 ET

Logan Copper Closes the First Tranche of a Financing With the MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2010) - Logan Copper Inc. (TSX VENTURE:LC) wishes to announce that it has closed the first tranche of a private placement of common shares and warrants with MineralFields Group and other participants, as announced on November 3, 2010 (available at www.sedar.com). 

We are very pleased to be entering into this relationship with MineralFields Group", said Thal S. Poonian, President and CEO. "This is an important milestone in the growth of Logan Copper Inc. and we look forward to working with MineralFields Group as we develop our holdings in the Nicola and Kamloops Mining Districts, British Columbia".

The company received a total of $1,375,450 dollars; $800,000 for subscriptions of 4,000,000 flow-through units at a price of $0.20 per unit and $575,450 for subscriptions of 3,385,000 non-flow-through units at a price of $0.17 per unit. Each flow-through unit consists of one common share and one-half of one non-flow-through warrant and each non-flow-through unit consists of one common share and one whole non-flow-through warrant, all exercisable at $0.30 per warrant for two years expiring November 16, 2012.

The Company paid finders' fees to three dealers (Canaccord Genuity Corp., Meadowbank Asset Management Inc. and Limited Market Dealer Inc.) in the aggregate amount of $92,360 plus due diligence fees of $37,500 and issued a total of 683,000 finder warrants. Each warrant entitles the holder to purchase one common share at a price of $0.20 per share for two years expiring November 16, 2012. The securities issued in this placement are subject to a hold period expiring March 17, 2011.

The Company will use the proceeds from this private placement to fund exploration and development activities on its mineral properties, and/or on other properties that it may acquire interests in. The Company is obligated to expend the flow-through subscription funds on eligible exploration expenses. A portion of the private placement proceeds will be used as working capital. The common shares comprising the flow-through units will be issued as flow-through common shares, providing the purchasers with certain tax benefits. 

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

About Logan Copper Inc.

Logan Copper Inc. is a Canadian copper exploration and development company. Our primary assets include the "Dansey" and "Lost Mine" copper properties, located between Kamloops and Merritt in British Columbia; and are contiguous to Teck Resources Ltd. "Highland Valley" copper mine. The Company is listed on the TSX-Venture Exchange under the symbol LC.

On behalf of the Board of Directors of LOGAN COPPER INC.

Thal S. Poonian, CEO/President/Director

Neither 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 press release, which has been prepared by management of the Company.

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