Trading Symbol:CCY
VANCOUVER,
March 5, 2013 /CNW/ - Catalyst Copper
Corp. (TSXV: CCY) (the "Company" or "Catalyst") is
pleased to announce today that it has closed the first tranche, of
4,066,667 units for proceeds of $244,000, of its previously announced
non-brokered private placement of 10,000,000 units (the
"Offering") of the Company at a price of $0.06 per unit.
The Company elected not to complete the entire
10,000,000 units announced February 20,
2013 due to the expected decision from Teck Resources
Limited in regards to Catalyst's La Verde Project, Mexico on or before March 4, 2013. It elected to cut-off acceptance
of subscription agreements as of February
27, 2013. Once a decision is received from Teck Resources
Limited, the Company will look at whether to proceed with the
balance of the offering at the higher of the $0.06/unit or a post-announcement price.
The Corporation intends to use the proceeds from
the sale of the Units to meet ongoing concession fees and site
maintenance at the La Verde
project and general working capital.
Each unit consists of one common share and one
half of a common share purchase warrant. Each whole warrant will
entitle its holder to purchase one additional common share of the
Company until five (5) years from the closing date, at a price of
$0.12 per common share. The
securities issued under the private placements will be subject to a
four-month hold period ending July 4,
2013.
Insiders of the Company purchased 3,166,667
units of the 4,066,667 units (~ 78%) of in the first tranche.
About La
Verde
La Verde is
located in an area with excellent infrastructure: Power, rail and
water. Lazaro Cardenas, Mexico's
third largest port on the Pacific Ocean is 180 km from the site.
Significant upside potential remains for the two known zones of
porphyry style copper, gold and silver mineralization as drill
programs have shown both deposits remain open to depth and along
strike.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP.
"John W. Greenslade"
John W.
Greenslade - President, CEO (Director)
Certain information set forth in this news
release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the
Company, including, but not limited to, risks associated with
mineral exploration and mining activities, the impact of general
economic conditions, industry conditions, dependence upon
regulatory approvals, and the uncertainty of obtaining additional
financing. Readers are cautioned that the assumptions
used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on
forward-looking statements. 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.
SOURCE Catalyst Copper Corp.