Mr. Jevin Werbes reports
DISTRICT COPPER ANNOUNCES PRIVATE PLACEMENT
District Copper Corp. will be proceeding with a private placement financing of up to $205,000 through the issuance of 2.05 million units at a price of 10 cents per unit. Each unit will consist of one flow-through common share and one-half of one transferable share purchase warrant, with each whole warrant being exercisable at a price of 15 cents for period of two years from the date of issuance. In circumstances where, at any time after the expiry of the four-month hold period, the issuer's stock trades at 25 cents or greater for 20 consecutive trading days, the issuer may give notice accelerating the expiry date of the exercise period of the warrants to that date that is 10 days from the date of such notice. The company will pay a cash finder's fee of 8 per cent and issue finder's warrants equal to 8 per cent of the gross proceeds raised from investors introduced to the company by the finder.
The securities issued in connection with the private placement will be subject to a regulatory four-month hold period.
The funds will be used to advance the company's 100-per-cent-owned Copper Keg project in British Columbia.
About District Copper Corp.
District Copper is a Canadian company engaged in the exploration for porphyry copper deposits in south-central British Columbia.
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