Canadian Orebodies Incorporation

Published : January 04th, 2016

Canadian Orebodies Announces Recapitalization and Private Placement

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Canadian Orebodies Announces Recapitalization and Private Placement

TORONTO, January 4, 2016 -- Canadian Orebodies Inc. (the 'Company') is pleased to announce that it has completed a recapitalization (the 'Recapitalization') through the closing of a non-brokered private placement, the conversion of the Company's outstanding loan to common shares, and the conversion of management's accrued salaries to common shares.

The Company closed a non-brokered private placement to raise $702,500 through the sale of common shares of the Company (each, a 'Common Share'). In total, the Company issued 35,125,000 Common Shares at $0.02 per share and paid cash finders' fees to eligible finders in the aggregate amount of $35,175 of the gross proceeds.

Concurrent with the closing of the private placement, the Company repaid the full amount of the related party loan outstanding to 695202 Ontario Inc., a company controlled by a relative of Gordon McKinnon, the Company's Chief Executive Officer, through the issuance of 11,651,784 Common Shares at $0.02 per share valued at $233,035. In addition, the Company's management converted $84,225 of accrued salary that was payable to 4,211,281 Common Shares at $0.02 per share. As a result of these transactions, the Company has 83,912,124 common shares outstanding.

The Company intends to complete an additional non-brokered private placement (the 'Private Placement') of up to 40,000,000 Common Shares at a price of $0.02 per share for gross proceeds of up to $800,000.

The proceeds of the Private Placement will be used to pursue royalty investments (as previously described in the Company's press release dated November 17, 2015) and for general working capital purposes.

The Recapitalization and Private Placement are subject to all necessary regulatory approvals. The securities issued pursuant to the Recapitalization, and contemplated to be issued pursuant to the Private Placement, will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities law.

The issuance of common shares to insiders pursuant to the Recapitalization are considered related party transactions within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company intends to rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(b) and (c) and 5.7(1)(b) of MI 61-101 in respect of such insider participation.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') or any state securities laws and accordingly may not be offered or sold within the United States or to 'U.S. persons', as such term is defined in Regulation S promulgated under the U.S. Securities Act ('U.S. Persons'), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities to, or for the account of benefit of, persons in the United States or U.S. Persons.

For more information or interest in the private placement please contact:

Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(416) 644-1747
[email protected]
www.canadianorebodies.com

Read the rest of the article at www.noodls.com

Canadian Orebodies Incorporation

EXPLORATION STAGE
CODE : CO.V
ISIN : CA13643T1021
CUSIP : 058911
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Canadian Orebodies Inc. is a gold exploration company based in Canada.

Canadian Orebodies Inc. holds various exploration projects in Canada.

Its main exploration properties are FALCON ONTARIO, ZIG ZAG, HAWKINS PROPERTY, MARTISON LAKE and CORAL RAPIDS in Canada.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Canadian Orebodies Incorporation
6/29/2012Closes $3.0M First Tranche of Non-brokered Private Placement
6/19/2012Announces Non-Brokered Private Placement
3/10/2011Announces Completion of C$5.25 Million Private Placement
2/17/2011Announces C$5.25 Million Private Placement
4/18/2008Announces Private Placement
Option Grants of Canadian Orebodies Incorporation
3/31/2008 Announces Grant of Stock Options
Project news of Canadian Orebodies Incorporation
2/22/2011(Zig Zag)Reports Drilling Results from Falcon Property and Completion...
1/10/2013Announces Final 2012 Drill Results At Haig West
9/20/2012Confirms Presence of Magnetite and Increases Land Position o...
6/13/2012Commences Drilling Program on the Belcher Islands
5/15/2012Announces 2012 Exploration Program on the Belcher Islands
7/5/2011(Haig Inlet)Mobilizes Crews for an Aggressive Exploration Program on Its...
6/19/2011(Haig Inlet)Announces Completion of Purchase Agreement of Haig Inlet Iro...
3/20/2011(Zig Zag)Drills Widespread Tantalum Mineralization on Zigzag Property
3/2/2011(Haig Inlet)Stakes Claims Contiguous to Haig Inlet Iron Ore Project
2/22/2011(Falcon Ontario)Reports Drilling Results from Falcon Property and Completion...
2/14/2011(Haig Inlet)to Acquire Up to a 100% Interest in Potential Large Tonnage ...
10/1/2008(Mcfaulds Fancamp) INTERSECTS DISSEMINATED TO NEAR MASSIVE SULPHIDES WITH BASE...
9/24/2008(Mcfaulds Fancamp)MCFAULDS LAKE JOINT VENTURE DRILL PROGRAM
9/19/2008(Coral Rapids)CORAL RAPIDS LIMESTONE DRILL PROGRAM
5/29/2008(Mcfaulds Fancamp)IDENTIFIES SEVERAL HIGH PRIORITY TARGETS AND PROVIDES EXPLOR...
3/10/2008(Coral Rapids)Orebodies Announces Acquisition of Coral Rapids Project, Haw...
1/17/2008(Hawkins Property) Announces Hawkins Update
1/7/2008(Martison Lake) Announces Winter Drill Program for Martison Phosphate Proje...
12/21/2007(Coral Rapids) Announce Coral Property Drill Results
Corporate news of Canadian Orebodies Incorporation
6/15/2016Canadian Orebodies Appoints Michael Leskovec as Director
4/29/2016Canadian Orebodies Sells Greenbush Lithium Property and Acqu...
1/4/2016Canadian Orebodies Announces Recapitalization and Private Pl...
9/28/2015Canadian Orebodies Exploring Non Resource Revenue Generating...
7/24/2015ConnectOne posts 2Q profit
7/9/2015Canadian Orebodies Provides Corporate Update
4/28/2014Canadian Orebodies Gives Notice to Exercise Carlisle Put Rig...
4/15/2014Canadian Orebodies Highlights Infill Drill Results on the Fa...
10/17/2013Consolidates Ownership of ZigZag Property
5/22/2013Announces Adoption of Advance Notice By-Law
12/10/2012Drills 85.5m of 28.0% Fe at Kihl Bay including 26.2m of 35.7...
11/12/2012Announces Successful Completion of Summer Drill Program
11/5/2012(Haig Inlet)Exercises Haig Inlet Option to Acquire 100% Interest in Haig...
10/10/2012Drills 55.9m of 28.9% Fe at Haig West including 16.2m of 35....
5/17/2012eResearch Issues Initiating Report on Canadian Orebodies Inc...
4/24/2012Announces Proposed Spin-Out of Non Iron Ore Assets
4/9/2012Engages First Canadian Capital Corp for Investor Relations a...
3/20/2012(Haig Inlet)Files NI 43-101 Technical Report on the Haig Inlet Iron Ore ...
2/6/2012(Haig Inlet)Announces Initial NI 43-101 Iron Resource Estimate for Haig ...
1/5/2012(Haig Inlet)Announces Final Set of Drill Results from Haig Inlet Iron Or...
10/12/2011(Haig Inlet)Announces Successful Completion of Summer Drill Program at H...
9/12/2011(Haig Inlet)Announces First Drill Results From Haig Inlet Iron Ore Proje...
8/29/2011(Haig Inlet)Provides Update On The Haig Inlet Iron Ore Drill Program
6/28/2011Provides Update to Annual General and Special Meeting Matter...
4/13/2011Obtains Approval of Disinterested Shareholders
7/9/2008ANNOUNCES PROPOSED PURCHASE OF 80% INTEREST OF 96 CLAIM UNIT...
5/1/2008ANNOUNCES OPTION TO ACQUIRE 60% INTEREST IN 603 CLAIM UNITS ...
3/14/2008Orebodies Announces Listing Date of March 17, 2008
3/11/2008 Announces the Acquisition of Common Shares and Option of Ca...
3/10/2008 Requests Trading Halt
2/1/2008 and PhosCan Chemical Finalize Arrangement Agreement; Shareh...
12/11/2007Temex, Noront and Baltic Expand Property Position Via Stakin...
11/30/2007 ANNOUNCES SPECIAL MEETING OF SHAREHOLDERS TO APPROVE MERGER
11/6/2007Test Results for Martison Phosphate Project
10/29/2007Agree to merge on the Martison Phosphate Project
7/27/2007Options Coral Rapids
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (CO.V)
0.015+0.00%
TSX-V
CA$ 0.015
11/27 15:51 -
0%
Prev close Open
0.015 0.015
Low High
0.015 0.015
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.015 -25.00%
Volume 1 month var.
320,000 -25.00%
24hGold TrendPower© : -2
Produces
Develops
Explores for Lithium - Tantalum
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.08+0.50%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 9.27+4.01%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+1.18%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.05-0.49%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 13.33+5.21%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
 0.34+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.89+6.78%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 41.25+2.18%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.