Logan Copper Inc.
TSX VENTURE : LC

Logan Copper Inc.

November 24, 2010 09:01 ET

Logan Copper Completes the Second and Final Tranche of a Financing With the MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2010) - Logan Copper Inc. (TSX VENTURE:LC) wishes to announce that it has received final TSX Venture Exchange approval for the second tranche of a private placement of common shares and warrants with MineralFields Group and other participants, as announced on November 3, November 12, and November 16, 2010 (available at www.sedar.com). 

In the second Tranche of the financing the company received a total of $528,475 dollars; $483,000 for subscriptions of 2,415,000 flow-through units at a price of $0.20 per unit and $45,475 for subscriptions of 267,500 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 consist of one common share and one whole non-flow-through warrant, all exercisable at $0.30 per warrant for two years expiring November 23, 2012.

In Tranche two the Company paid finders' fees to two dealers (Limited Market Dealer Inc. and All Group Financial) in the aggregate amount of $30,347.50 plus due diligence fees of $22,500 and issued a total of 268,250 broker warrants. Each warrant entitles the holder to purchase one common share at a price of $0.20 per share for two years expiring November 23, 2012. The securities issued in this placement are subject to a hold period expiring March 24, 2011.

The Company has raised a total of $1,903,925 dollars through the full placement, consisting of 6,415,000 flow-through units at a price of $0.20 per unit and 3,652,500 non-flow-through units at a price of $0.17 per unit. Four investment dealers participated in this private placement on behalf of 18 placees. 

The warrants will be subject to an acceleration right which will permit the Corporation to accelerate the expiry date if the Corporations trade at or over $0.50 per share for 20 or more consecutive trading days.

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 on or before December 31, 2011. The common shares comprising the flow-through units will be issued as flow-through common shares, providing the purchasers with certain tax benefits. A portion of the private placement proceeds will be used as working capital.

We are very pleased to have entered 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".

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 company listed on the TSX-Venture Exchange under the symbol LC. Our primary assets include the "Dansey" and "Lost Mine" copper properties, which comprise a contiguous parcel totaling over 134,500 acres located between Kamloops and Merritt in British Columbia. The Logan Copper property is contiguous to: Getty Copper Inc.'s copper deposits in the North West; Teck Resources Ltd. "Highland Valley" copper mine to the South West; New Gold Inc.'s "Afton" copper-gold mine to the North East and Gold Fields Canada Exploration BV to the South East.

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.

Contact Information