Iron Creek Completes $3.5 Million Private Placement
VANCOUVER, Nov. 28, 2011 /PRNewswire/ - Iron Creek Capital Corp. (TSXV: IRN) - "Iron Creek") is pleased to announce that it has closed its previously announced non-brokered private placement by issuing 8,785,000 units at $0.40 per unit, for gross proceeds of $3,514,000. Each unit consists of one common share and one-half of a warrant, each whole warrant entitling the holder to purchase one additional common share for two years, exercisable at $0.50 in the first year and at $0.55 in the second year. The Company also issued 215,700 common shares and 323,550 warrants as finders' fees in connection with the financing. The finders' fee warrants have the same terms as the unit warrants. All of the shares and warrants have a resale restriction until March 24, 2012.
As a result of their participation in the private placement, Kinross Gold Corporation holds 6.7% of the issued capital of the Company, and Hochschild Mining Holdings Limited has increased its shareholdings to 9.9%.
The proceeds of the financing will be used for exploration of the Company's mineral projects in Chile and for general working capital purposes.
About Iron Creek
Iron Creek Capital Corp. is a Vancouver-based mineral exploration company engaged in the acquisition and exploration of precious and base metals projects in Chile.
ON BEHALF OF THE BOARD
"Timothy J. Beale"
Timothy Beale, President
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Iron Creek Capital Corp. Actual results may differ materially from those currently anticipated in such statement.
SOURCE Iron Creek Capital Corp.