Ecuador Gold & Copper Corp. Announces Closing of Non-Brokered
Private Placement for US$2,500,000
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
VANCOUVER,
Nov. 28, 2012 /CNW/ - Ecuador Gold
& Copper Corp. (TSXV: EGX) is pleased to announce that it has
closed its non-brokered private placement (the "Private
Placement") of 11,904,762 units (the "Units") at a
price of US$0.21 per Unit for gross
proceeds of US$2,500,000, a portion
of which has been closed in escrow, such that the subscriber holds
9.9% of the issued and outstanding shares of the Company. The
remaining portion of the Units will be released on final approval
from the TSX Venture Exchange.
Each Unit is comprised of one common share and
one half of one common share purchase warrant (each whole warrant,
a "Warrant"). Each Warrant will entitle the holder to acquire
one additional common share of the Company at an exercise price of
C$0.35 per common share for a period
of 36 months from the date of issuance.
In connection with closing the Private
Placement, the Company has agreed to pay finder's fees of
US$125,000 to a finder for his
efforts in sourcing the purchaser for the Private Placement.
The securities issued are subject to a
four-month hold period from the date of issuance.
The net proceeds of the Private Placement will
be used for exploration and development of the Company's Condor
Gold Project and for general working capital purposes.
Cautionary Note
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.
SOURCE Ecuador Gold and Copper Corp.