2008-12-31 17:07 ET - News Release
Mr. Gordon McKinnon reports
OREBODIES CLOSES FINANCING WITH MINERALFIELDS GROUP
Canadian Orebodies Inc. has completed a non-brokered private placement with MineralFields Group of Toronto for total gross proceeds of $240,000 through the sale of four million flow-through units of the company at a price of six cents per unit.
Each flow-through unit comprises one common share of the company issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one-half of one warrant of the company. Each warrant entitles the holder thereof to purchase one common share at an exercise price of 40 cents per common share until Dec. 31, 2010.
Gordon McKinnon, president and chief executive officer of the company, stated, "We are pleased by the support we have received from the MineralFields Group and we look forward to continue our relationship as we grow our company in the new year."
The company paid cash finders' fees to Limited Market Dealer Inc. and Pope and Co. Ltd. in the total amount of 8 per cent of the gross proceeds and granted non-transferable options to Limited Market Dealer and Pope and Co. to purchase a total of up to 400,000 units of the company. Each finders option entitles the holder thereof to purchase one finders unit for a period of 24 months from the date of issuance at an exercise price of six cents. Each finders unit will comprise one common share and one-half of one common share purchase warrant. Each finders unit warrant will entitle the holder thereof to purchase one common share at an exercise price of 40 cents per common share until Dec. 31, 2010.
The securities issued by the company in connection with this offering are subject to a statutory hold period which expires on May 1, 2009.
