ICS Announces Private Placement of CAD$250,000By Ics Copper Systems Ltd., PRNE
Wednesday, November 24, 2010
ABBOTSFORD, British Columbia, November 25, 2010 - ICS Copper Systems Ltd. (ICX: TSX.V) is pleased to announce that it has
arranged a non-brokered private placement of 3,125,000 (Three Million One
Hundred and Twenty-Five Thousand) units at a price of CAD$0.08 per unit for
gross proceeds of CAD$250,000. Each unit will consist of one common share
and one full warrant entitling the holder to purchase a common share at a
price of CAD$0.10 if exercised within a period of 12 months, CAD$0.15 if
exercised within a period of 24 months. No commission is payable on the
The warrants are subject to accelerated expiry if common shares trade at
or above CAD$0.20 in any 20 consecutive trading day periods ending after the
date that is four months and a day after the closing.
The private placement is subject to acceptance for filing by the TSX
Venture Exchange. All securities to be issued pursuant to the private
placement will be subject to a four month hold.
Proceeds of the private placement will be used by the Company to pay for
mapping and sampling and phase 1 drill exploration costs for the Excelsior
Springs Gold project.
ICS has recently acquired a 100% interest in the Excelsior Springs gold
project in Nevada and has completed a 43-101 report on the property.
Excelsior Springs is considered to be an advanced exploration project. The
company completed a mapping and sampling exploration program in November 2010
and is currently undertaking a cross section analysis on 53 holes that were
previously drilled on the property. The company will shortly announce the
results of the recent mapping and sampling program as well as provide an
ICS recently sold its EMEW plant in Zambia for 1.5 Million USD and
proceeds of the sale are being received on time. The contract of sale
provides for a balloon payment to be made once the EMEW plant is installed
and operational. ICS's technical committee has being overseeing the
installation in Zambia and report that the installation is ahead of schedule.
Neither the 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.
ICS COPPER SYSTEMS LTD. Signed "Graham Chisholm" Graham Chisholm, President & CEO
This release includes certain statements that are "forward-looking
statements". All statements in this release, other than statements of
historical facts that address future exploration, development and production
activities, and other circumstances, events and developments that the Company
expects, are forward-looking statements. Although management believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results, events and developments may differ
materially from those in the forward-looking statements. The occurrence of
certain risk factors, the probability of which is unknown, may also affect
actual results, events and developments expected by the Company.
For further information: Graham Chisholm, firstname.lastname@example.org, Office:
+1-604-859-3007, Cell: +1-604-302-0746; Jeannette Durand,
email@example.com, Web Page: www.icscopper.com
For further information: Graham Chisholm, graham at icscopper.com, Office: +1-604-859-3007,
Cell: +1-604-302-0746; Jeannette Durand, jeannette at icscopper.com
Tags: Abbotsford, British columbia, ICS Copper Systems Ltd., November 25