Trading Symbol TSX V: GTC
VANCOUVER, May 8, 2015 /CNW/ - Getty Copper Inc. (TSXV:
"GTC") ("Getty") announces that its board of
directors has approved a proposed private placement offering of up
to 2,773,333 flow through common shares of Getty at a price of
$0.075 per share for gross proceeds
of $208,000 and an offering of up to
693,334 non-flow through shares to raise $52,000. Getty anticipates that insiders
and their associates will subscribe for substantially all of the
private placement.
The issuance of shares to insiders pursuant to the private
placement is considered to be a related party transaction subject
to TSX Venture Exchange Policy 5.9 and Multilateral Instrument
61-101. Getty intends to rely on exemptions from the formal
valuation and minority shareholder approval requirements provided
under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101
on the basis that participation in the private placement by
insiders will not exceed 25% of the fair market value of Getty's
market capitalization. As a result of the placement John Lepinski will directly and indirectly own
an aggregate of 38,490,666 shares (35.5% of issued shares).
Ralph Berezan will directly and
indirectly own an aggregate 21,200,077 shares (19.5%)
Closing of the proposed offering is subject to customary
approval of the TSX Venture Exchange. Proceeds of the
offering will be used to fund Getty's exploration programs on its
Getty Copper project adjacent to the
Highland Valley mine in British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS
John Lepinski, Director
The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release
SOURCE Getty Copper Inc.