Trading Symbol TSX V: GTC
VANCOUVER, June 8, 2015 /CNW/ - Getty Copper Inc. (TSXV:
"GTC") ("Getty") is pleased to announce that further
to its news release dated May 8,
2015, it has now closed its non-brokered private
placement offering of 3,466,668 common shares (the "Shares") at a
price of $0.075 per Share for gross
proceeds of $260,000. (the "Private
Placement"). 2,773,333 of the Shares issued are designated as
flow-through common shares (the "FT Shares").
A number of Company insiders participated in the Private
Placement. The issuance of Shares to insiders is considered
to be a related party transaction subject to TSX Venture Exchange
Policy 5.9 and Multilateral Instrument 61- 101. Getty is relying on
the 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 directly and
indirectly owns an aggregate of 38,490,666 Shares (35.5% of issued
shares). Ralph Berezan directly and
indirectly owns an aggregate 21,200,077 Shares (19.6%),
Donald Willoughby directly and
indirectly owns an aggregate 728,333 Shares (>1%) and
Dennis Milburn directly and
indirectly owns an aggregate 133,333 Shares (>1%).
All securities issued in connection with the Private Placement
are subject to a statutory hold period expiring on October 4, 2015. Proceeds from the Private
Placement will be used to fund Getty's exploration programs on its
Getty Copper project adjacent to the
Highland Valley mine in British Columbia. The Company will
renounce an amount equal to the gross proceeds derived from the
sale of the FT Shares to purchasers in accordance with the
provisions of the Income Tax Act (Canada).
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.