ICS Announces Private Placement of CAD$250,000
Abbotsford, British Columbia, November 25 (ots/PRNewswire)
ICS Copper Systems Ltd. is pleased to announce that it has arranged a non-brokered private placement of 3,125,000 (Three Million One Hundred and Twenty-Five Thousand) units at a price of CAD$0.08 per unit for gross proceeds of CAD$250,000. Each unit will consist of one common share and one full warrant entitling the holder to purchase a common share at a price of CAD$0.10 if exercised within a period of 12 months, CAD$0.15 if exercised within a period of 24 months. No commission is payable on the private placement.
The warrants are subject to accelerated expiry if common shares trade at or above CAD$0.20 in any 20 consecutive trading day periods ending after the date that is four months and a day after the closing.
The private placement is subject to acceptance for filing by the TSX Venture Exchange. All securities to be issued pursuant to the private placement will be subject to a four month hold.
Proceeds of the private placement will be used by the Company to pay for mapping and sampling and phase 1 drill exploration costs for the Excelsior Springs Gold project.
General
ICS has recently acquired a 100% interest in the Excelsior Springs gold project in Nevada and has completed a 43-101 report on the property. Excelsior Springs is considered to be an advanced exploration project. The company completed a mapping and sampling exploration program in November 2010 and is currently undertaking a cross section analysis on 53 holes that were previously drilled on the property. The company will shortly announce the results of the recent mapping and sampling program as well as provide an exploration update.
ICS recently sold its EMEW plant in Zambia for 1.5 Million USD and proceeds of the sale are being received on time. The contract of sale provides for a balloon payment to be made once the EMEW plant is installed and operational. ICS's technical committee has being overseeing the installation in Zambia and report that the installation is ahead of schedule.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ICS COPPER SYSTEMS LTD.
Signed "Graham Chisholm"
Graham Chisholm, President & CEOThis 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.
For further information: Graham Chisholm, graham@icscopper.com, Office: +1-604-859-3007, Cell: +1-604-302-0746; Jeannette Durand, jeannette@icscopper.com, Web Page: http://www.icscopper.com
Contact:
CONTACT: For further information: Graham Chisholm,
graham@icscopper.com,Office: +1-604-859-3007,Cell: +1-604-302-0746;
Jeannette Durand, jeannette@icscopper.com