ICS Copper Systems Ltd Announces Completion of CDN$1.1 Million Private Placement
Abbotsford, Canada (ots/PRNewswire)
ICS Copper Systems Ltd. (ICX:TSX.V) reports that it has completed its non-brokered private placement as previously announced on May 26th, 2008. The private placement consisted of 2,750,000 units at a price of CDN$0.40 per unit for gross proceeds of CDN$ 1,100,000. Each Unit is comprised of one common share (a "Share") and one full warrant entitling the holder to purchase a common share until June 11, 2010 at a price of CDN$0.50.
All securities are subject to a hold period expiring October 12, 2008.
The Company has paid a finders' fee of CDN$100,000 CAD in connection with this financing.
The proceeds of the private placement will be used towards option payments for the Mokambo Mine and for general working capital.
ICS COPPER SYSTEMS LTD.
Signed "Graham Chisholm"
Graham Chisholm, President & CEO
This release includes certain statements that are "forward-looking statements". All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of certain risk factors, the probability of which is unknown, may also affect actual results, events and developments expected by the Company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: Graham Chisholm, graham@icscopper.com, Office: +1-604-859-3007, Cell: +1-604-302-0746; For Investor Relations: Brett Whitelaw, brett_whitelaw@telus.net, Tel: +1-604-662-8633
Web Page: http://www.icscopper.com/ (ICX.)
Contact:
For further information: Graham Chisholm, graham@icscopper.com,
Office: +1-604-859-3007, Cell: +1-604-302-0746; For Investor
Relations: Brett Whitelaw, brett_whitelaw@telus.net, Tel:
+1-604-662-8633