Sypher Resources Ltd.

September 29, 2010 17:18 ET

Sypher Resources Ltd. Completes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2010) - SYPHER RESOURCES LTD. (the "Corporation") is pleased to announce that it has successfully completed its initial public offering (the "Offering") of 3,000,000 common shares (the "Common Shares") at a price of $0.15 per share for gross proceeds of $450,000 with Leede Financial Markets Inc. ("Leede"), as agent.

In connection with the Offering, the Corporation granted warrants to Leede to acquire an aggregate of 225,000 Common Shares (the "Agent's Option") at an exercise price of $0.15 per Agent's Option. The Agent's Option will expire 24 months from the date the Common Shares are listed on the Canadian National Stock Exchange (the "Exchange"). Leede also received a cash commission equal to 6.0% of the gross proceeds of the Offering and a corporate finance fee.

The Corporation has also granted options to acquire an aggregate of 300,000 Common Shares at an exercise price of $0.15 per option to the directors and officers of the Corporation, which expire 10 years from the date of grant.

The Exchange has conditionally approved the listing of the Common Shares and the Corporation now intends to make application for final approval. It is expected that the Common Shares will commence trading on the Exchange under the trading symbol "SYP".

Contact Information

  • Sypher Resources Ltd.
    Richard A. Graham
    President and Director
    (604) 689-1428