Cobre Exploration Corp. Closes Non-Brokered Private Placement
VANCOUVER, Nov. 8 /CNW/ - Cobre Exploration Corp. (TSX-V: CKB.H) (the "Company") is please to announce the closing of the Non Brokered private placement announced on September 2nd, 2010 and amended on September 17th, 2010 for the gross proceeds of $937,750.00. The Company has issued 4,262,500 units at a price of $0.22 per unit. Each unit will consist of one common share and one-half share purchase warrant with an exercise price of 0.35 cents. Two half share warrants will entitle the holder to purchase one common share until November 2nd, 2012 at a price of $0.35 per share.
A finder fee was paid an aggregate cash commission of $60,104 and 273,200 warrants were issued. Same terms apply to the warrants as above.
Proceeds of the offering will be used for the Iron Lake exploration program, operating costs, general corporate costs and for review of additional project opportunities.
All of the securities issued have a hold period expiring March 3, 2011.
On Behalf of the Board,
Allan W. Williams
President
* Cobre Exploration Corp. can earn a 60% interest in the Iron Lake claims by completing $1,500,000 in exploration, making payments of $175,000, issuing 200,000 shares and making cash or equivalent share issuance payments of $130,000 before June 1, 2013. A $200,000 exploration expenditure is required by June 1, 2011.
"Neither 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."
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For further information:
Terri Anne Welyki - 604-681-6855
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