Amana Copper Ltd. (CSE:AMA) is pleased to announce the closing of the first tranche of the private placement previously announced on June 5th, 2015 for gross proceeds of up to $2,100,000. The Company issued 14,000,000 common shares at a price of $0.14 per share for gross proceeds of $1,960,000. In connection with the Placement the Company paid finders fees of $156,800 and issued 1,120,000 warrants, each warrant exercisable at a price of $0.14 for a period of two years from the date of issue. All securities issued in connection with the Placement will have a resale restriction of four months and one day from the date of issue.
The proceeds from the Placement will be used for working capital and transaction costs related to Amana’s proposed acquisition announced on June 5th, 2015.
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