Jan 29 2011
Crazy Horse Resources Inc. (TSX VENTURE:CZH) announces that it has completed its brokered private placement announced January 10, 2011 and has issued 8,000,000 common shares, at a price of $1.25 per Share, for aggregate gross proceeds of $10,000,000.
The Offering was over-subscribed; with net proceeds to be used to further develop the Company's Taysan Copper-Gold Porphyry Project in the Philippines. The Company is now well capitalized to commence a pre-feasibility study on the Taysan Project based on the results of a recently completed confirmatory drill program and a soon to be completed scoping study.
The Company engaged NCP Northland Capital Partners Inc. (the "Agent") to act as its agent in connection with the Offering. The Company paid commissions of up to 7% of the gross proceeds of the Offering, and issued compensation options to the Agent, members of the selling group and certain finders to acquire up to 560,000 common shares of the Company at a price of $1.25 per share until January 28, 2012.
The Shares and any common shares of the Company to be issued upon exercise of the compensation options are subject to a four-month hold period expiring May 29, 2011. As a result of the completion of the Offering, the Company now has 49,359,123 common shares issued and outstanding.
Source: Crazy Horse Resources Inc.