VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 1, 2013) - Canada Carbon Inc. (the "Company") (TSX VENTURE:CCB) announces that it has closed a non-brokered private placement (the "Private Placement") which raised gross proceeds of $350,000 (the "Gross Proceeds"). Specifically, the Company issued 1,400,000 units ("Units") at $0.25 with each Unit consisting of one common share in the capital of the Company ("Common Share") and one Common Share purchase warrant ("Warrant"), with each Warrant being exercisable for the purchase of an additional Common Share for a period of two years from closing at $0.40 per Common Share.
The Company will be paying a cash commission of 6% of the Gross Proceeds, as well as non-transferable compensation warrants (the "Compensation Warrants") equal to 6% of the Units sold pursuant to the Private Placement, to Euro Pacific Canada Inc. (the "Agent"). Each Compensation Warrant is exercisable by the Agent for a period of two years from the closing of the Private Placement at an exercise price of $0.25 into one Common Share.
In accordance with applicable securities legislation, the securities issued in the Private Placement are subject to a statutory hold period expiring on February 2, 2014.
The Company intends to use the proceeds of the Private Placement for general corporate and working capital purposes. The Private Placement is subject to final approval by the TSX Venture Exchange.
On Behalf of the Board of Directors
CANADA CARBON INC.
R. Bruce Duncan
Interim CEO and Director
"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."
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).