Trading Symbol TSX V: GTC October 19, 2021
GETTY COPPER INC. CLOSES PRIVATE PLACMENT
VANCOUVER, British Columbia (October 19, 2021) – via Stockwatch – Getty Copper Inc. (TSX-V: GTC) (“Getty” or the “Company”) is pleased to announce it has closed an oversubscribed private placement previously announced September 22, 2021, by issuing 3,366,000 units at a price of $0.20 per unit for gross proceeds of $673,200.
Each unit consists of 3 flow through common shares, 1 non flow through common share , 3 warrants to purchase flow through common shares and 1 warrant to purchase a non flow through common shares (total 4 shares and 4 warrants price equivalent to $.05 for each share with warrant) . Each warrant is exercisable to purchase an additional common share at $.10 per share for a period of two years from closing subject to the Company’s option to accelerate the expiry date of the warrants in the event, at any time subsequent to four months following their issuance, the closing price of the Company’s common shares shall exceed $.20 per common share for 10 consecutive trading days.
The securities issued under the private placement will be subject to a hold period expiring four months and one day from the date of issuance pursuant to the applicable Canadian securities laws and rules of the TSX Venture Exchange and relevant restrictions under the securities laws of other jurisdictions where the placees may be residents.
The Company paid finder’s fees totaling $4,800 and issued 24,000 brokers warrants to registered investment dealers in connection with the private placement with each broker warrant entitling the holder to acquire one share of the Company at a price of $0.10 for 12 months from the date of issuance.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. There is no assurance that this new business product offering or other planned products will be successful. The insurance industry is intensely competitive in the business owner policy sector, and the Company’s competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance it will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company’s current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.
ON BEHALF OF THE BOARD OF DIRECTORS
John Lepinski, CEO
For further information please contact:
GETTY COPPER INC.
Phone: 604-931-3231 Fax: 604-931-2814
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.