Copper Development invests in Philippines copper-gold porphyry project
By Marisa Wong
Madison, Wis., July 5 - Crazy Horse Resources Inc. announced that Copper Development Corp. will invest C$5 million in the company through a private placement of common stock.
The deal includes 6,666,667 common shares priced at C$0.75 each. The price per share is equal to the closing share price on July 4.
As a condition to Copper Development's investment, Mitch Alland, Copper Development's executive chairman and chief executive officer, will be appointed as a non-executive director of Crazy Horse on closing of the private placement.
Proceeds will be used to further develop Crazy Horse's Taysan copper-gold porphyry project in the Philippines.
Isle of Man-based Copper Development also holds interests in copper projects in the Philippines - the Hinoba-an and Basay copper projects.
Copper Development's "team is highly respected in the Philippines for porphyry copper exploration and development. This strategic investment by [Copper Development] and the addition of Mitch Alland's stellar corporate and financial experience will further strengthen development success of our Taysan copper gold project," said Johan Raadsma, president and CEO of Crazy Horse.
Crazy Horse is a Vancouver, B.C.-based mineral exploration company.
| Issuer: | Crazy Horse Resources Inc.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Shares: | 6,666,667
|
| Price: | C$0.75
|
| Warrants: | No
|
| Investor: | Copper Development Corp.
|
| Pricing date: | July 4
|
| Stock symbol: | TSX Venture: CZH
|
| Stock price: | C$0.75 at close July 4
|
| Market capitalization: | $37.32 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
