Stock Info
| December 31, 2008 OREBODIES CLOSES FINANCING WITH MINERALFIELDS GROUP | |
| TORONTO, December 31, 2008 ‐‐‐Canadian Orebodies Inc. (TSXV: CO) (the "Company") is pleased to announce that it has completed a non‐brokered private placement (the "Financing") with MineralFields Group of Toronto for aggregate gross proceeds of $240,000 through the sale of 4,000,000 "flow‐through" units of the Company (each, a "Flow‐Through Unit") at a price of $0.06 per Unit. Each Flow‐Through Unit is comprised of one common share of the Company (each, a "Common Share") issued on a "flow‐through" basis pursuant to the Income Tax Act (Canada) and one‐half of one Warrant of the Company (each such whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.40 per Common Share until December 31, 2010. Gordon McKinnon, President & CEO 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. ("LMD") and Pope and Company Limited ("Pope") in the aggregate amount of 8% of the gross proceeds and granted non‐transferable options (each, a "Finders Option") to LMD and Pope to purchase an aggregate of up to 400,000 units of the Company (each, a "Finders Unit"). 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 $0.06. Each Finders Unit will be comprised of one Common Share and one‐half of one Common Share purchase warrant (each such whole Common Share purchase warrant, a "Finders Unit Warrant"). Each Finders Unit Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.40 per Common Share until December 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. MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax‐advantaged super flow‐through limited partnerships to investors throughout Canada as well as hard‐dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate‐class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (r) is active in leading resource financings (both flow‐through and hard dollar PIPE financings) on competitive, effective and service‐friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (r). For more information please contact: Gordon McKinnon, President & CEO Canadian Orebodies Inc. (705) 268‐9000 www.canadianorebodies.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. | |
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