Cooper Minerals Inc. has received acceptance from the TSX Venture Exchange with respect to the option agreement with Gul Asghar Khan to acquire a 60-per-cent interest in certain thermal coal properties in Pakistan previously announced in Stockwatch on Sept. 3, 2010. Consideration for the option consists of cash payments totalling $500,000 (U.S.), incurring expenditures of $2-million (U.S.) on the properties over a three-year period and the issuance of four million common shares.
The company has closed the transaction, paid $500,000 (U.S.) and issued four million shares to the optionor. All common shares issued pursuant to this transaction are subject to a hold period expiring Aug. 22, 2011.
The company also completed the non-brokered private placement previously announced in Stockwatch on Sept. 3, 2010, through the issuance of 22 million units at a price of five cents per unit for gross proceeds of $1.1-million. Each unit consists of one common share and one share purchase warrant having a five-year term for the purchase of one further common share of the company at the exercise price of 10 cents per share in the first year, 15 cents per share in the second year, 20 cents per share in the third year, and 30 cents in the fourth and fifth year.
The company has paid a finder's fee of a total of $65,200 in cash. All of the securities issued under the private placement are subject to a four-month hold period expiring Aug. 22, 2011.
Source: http://www.stockwatch.com/News/Item.aspx?bid=Z-C:CQ-1833273&symbol=CQ&news_region=C
