C2C Announces Closing of Private Placement and Approval of Share Consolidation
February 19 2010 - 4:34PM
Marketwired
C2C Gold Corporation Inc. (the "Company")(TSX VENTURE: CCN) hereby
announces the closing under escrow of its private placement
previously announced in its press release dated January 19, 2010
and January 20, 2010 for total gross proceeds of $470,000 (the
"Offering") until the consolidation of the Company's common shares
(the "Consolidation") and the Offering are approved by the TSX
Venture Exchange, as more fully described hereunder.
The Company completed a non-brokered private placement of units
(the "Units"), each consisting of (i) one convertible debenture for
a principal amount of $10,000 (the "Debenture"); and (ii) 400,000
common share purchase warrants (the "Warrants")
The Debentures will bear interest at a rate of 12% per annum (1%
per month), both before and after maturity. Unless converted
earlier, principal and accrued interest under all Debentures shall
be due and payable on December 31, 2010 (the "Maturity Date").
Each Debenture will be convertible, as to principal only into
common shares of the Company (the "Common Shares") at the option of
the holder at any time after the effective date of the
Consolidation and prior to the Maturity Date at a conversion price
per Common Share equal to (i) $0.25 post-Consolidation until April
29, 2010; and (ii) any time after April 29, 2010 and prior to the
Maturity Date at a conversion price per Common Share equal to $0.50
post-Consolidation (the "Conversion Price"). The conversion right
shall be subject to the standard anti-dilution provisions.
Each Warrant comprised in a Unit enables the holder to purchase
one Common Share of the Company at an exercise price of $0.25 per
share (on a post-Consolidation basis) at any time after the
effective date of the Consolidation until December 31, 2010, it
being understood that upon the Consolidation, the number of
Warrants will be consolidated on a 10 for one basis, resulting in
the issuance of 40,000 Common Shares per Unit, at a price of $0.25,
upon the exercise of all the Warrants included in one Unit.
The Company will use the proceeds (i) for general working
capital ($165,000); and (ii) for the implementation of a new
business strategy which entitles the subscription by the Company to
a private placement conducted by Key Gold Partners LLP for an
amount of $265,000.
An intermediary commission equal to 10% of the gross proceeds
realized from non-related party to the Company, $40,000, will be
paid in cash to Ansacha Capital Inc., acting at arm's length with
the Company in connection with the Private Placement.
Some insiders of the Company subscribed for a total of 5 units
representing an aggregate amount of $50,000 of the gross
proceeds.
Consolidation of Common Shares
On February 11, 2010, during a special general meeting of its
shareholders, the Company obtained the shareholder's approval to
consolidate the issued and outstanding Common Shares of the Company
on the basis of ten (10) Common Shares for one new Common Share.
The Consolidation is subject to the approval of the TSX Venture
Exchange Inc.
About C2C
C2C is a junior mining exploration company listed on the TSX
Venture Exchange with concentration in the gold industry.
Forward looking Statement:
This document contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not
under the Company's control which may cause actual results,
performance or achievements of the Company to be materially
different from the results, performance or expectation implied by
these forward looking statements.
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.
Shares outstanding: 103 404 344
Contacts: C2C Gold Corporation Inc. Robert Seguin President and
Chief Executive Officer 418-781-0272
Robert.seguin@c2cgoldcorporation.com C2C Gold Corporation Inc.
Jean-Francois Lemay Corporate Development & Investor Relations
514-214-8388 www.c2cgoldcorporation.com
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