Getty Copper Inc. completes private placement

About this update from Getty Copper Inc.

[{"type":"text","content":"\n\nTrading Symbol TSX V: GTC \n\n\n\nVANCOUVER, July 16, 2014 /CNW/ - Getty Copper Inc. (TSXV: \"GTC\") (\"Getty\" or the \"Corporation\") is pleased to announce the closing of a private placement financing (the \"Private Placement\") of 6,668,000 common shares (the \"Common Shares) at a price of Cdn$0.05 per Common Shares for an aggregate subscription price of Cdn$333,400.  Approximately 58% of the Private Placement was purchased by insiders of the Corporation.  Proceeds from the Private Placement will be used for general and administrative expenses.  No finders' fees are payable.  All securities issued pursuant to the Private Placement will be subject to a four-month hold period until November 17, 2014.  \n\nRelated Party Transactions\n\nJohn Lepinski, and certain other insiders, including, Donald Willoughby and Corby Anderson, (together, the \"Related Parties\"), who are each considered an \"insider\" of the Corporation for the purposes of the Policies of the TSX-V, participated in the Private Placement, and such participation in the Private Placement is considered a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\").  As the Private Placement is a related party transition, the following additional disclosure details are provided (following the listing of disclosure in section 5.2 of MI 61-101).\n\nIn conducting their review and approval process with respect to the Private Placement, the board of directors of the Corporation has determined that the distribution of an information circular to shareholders, the preparation and distribution of a formal valuation and the seeking of shareholder approval for, and in connection with, the Private Placement is not necessary under MI 61-101, because:\n\n\nfor the purposes of Section 5.5(a) of MI 61-101 the Board have determined, in good faith, that neither Common Shares issued to, nor the aggregate consideration to be paid by, each of the Related Parties in connection with the Private Placement will exceed 25 per cent of the market capitalization of the Corporation on the date hereof, and on that basis the Private Placement falls within an exemption from a formal valuation requirement of Section 5.4 of MI 61-101; and \nfor...

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