Business
Choice Gold, Full Metal and Enexco Spinco Provide Update on Copperbank
Choice Gold, Full Metal and Enexco Spinco Provide Update on Copperbank Vancouver, Canad...
About this update from Full Metal Minerals Ltd. Class A
[{"type":"text","content":"Choice Gold, Full Metal and Enexco Spinco Provide Update on CopperbankChoice Gold, Full Metal and Enexco Spinco Provide Update on Copperbank\nVancouver, Canada / ACCESSWIRE / August 19, 2014 / Choice Gold Corp. (“Choice”, CSE:CHF), Full Metal Minerals Ltd. (\"Full Metal\", TSX-V:FMM) and 0999279 B.C. Ltd. (“IEC Spinco”, a former subsidiary of International Enexco Ltd.) are pleased to provide an update on the proposed business combination (the “Business Combination”) to form Copperbank Resources Corp. (“Copperbank”) (see press releases dated March 19, 2014 and June 3, 2014) as contemplated by the arrangement agreement between Choice, Full Metal and IEC Spinco entered into on June 3, 2014 (the “Arrangement Agreement”). \nChoice is pleased to announce that it has closed the initial tranche of a proposed $2,000,000 non-brokered financing (the “Offering”) raising gross proceeds of $1,589,995 through the sale of an aggregate of 79,499,750 subscription receipts at a price of $0.02 per subscription receipt (each a “Subscription Receipt”). The proceeds of the Offering will be held in escrow pending satisfaction of conditions precedent to the completion of the Business Combination (the “Release Conditions”) on or before October 15, 2014, following which each Subscription Receipt will be deemed to be exchanged, without payment of additional consideration, for one unit (each a “Unit”). \n“This initial financing is the first step of Copperbank’s objective to create an aggregator of advanced-stage copper deposits with established resources,” said Gianni Kovacevic, CEO of Choice Gold Corp. “We look forward to distribution of our information circular and receiving shareholder approval for this exciting new venture.”\nEach Unit will consist of one common share of Choice and one share purchase warrant (a “Warrant”). Each whole Warrant will be exercisable into one additional common share of Choice at a price of $0.10 per share for a period of five years. All of the securities issued in the Offering are subject to a hold period expiring on the earlier of the completion of the Business Combination and December 20, 2014. \nShould the Business Combination not be completed by Octo...