(RTTNews) - Copper Giant Resources Corp. (LBCMF, CGNT.V) announced that it has increased its non-brokered private placement from $10 million to an aggregate of 30 million units at a price of $0.40 per unit, for total gross proceeds of $12 million.
Each unit will consist of one common share of the Company and one-half of one warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of C$0.60 per share for a period of 36 months from the closing date.
All securities issued in connection with the offering will be subject to a four-month-and-one-day statutory hold period. The Company anticipates paying finders' fees in cash to certain eligible parties on a portion of the placement. In addition, non-transferable finders' warrants may be issued to eligible finders.
Copper Giant Resources intends to use the net proceeds from the offering for working capital and general corporate purposes.
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