30 Nov 2007 15:47
30th November 2007For immediate release COPPER RESOURCES CORP EXERCISE OF OPTIONS AND WARRANTS
Copper Resources Corp ("CRC" or "the Company") announces that options over 1,300,000 common shares in the Company have been exercised by George Forrest International Afrique SPRL (the "Forrest Group") at ‚£0.75 per share, and warrants over 2,749,928 common shares in the Company have been exercised by Metorex Limited at ‚£0.75 per share. Accordingly, these shares were duly issued and allotted on 30th November 2007.
Application has been made to the London Stock Exchange for these common shares to be admitted to trading on AIM on 6th December 2007.
Following this exercise, the total number of the Company's shares currently in issue is 85,179,110.
As a result of the exercise of these options, the Forrest Group's holding has increased to 30,543,464 common shares, equivalent to 35.86% of the Company's issued share capital. These shares are expected to be transferred to Metorex Limited in due course under the acquisition agreement as previously announced, whereby Metorex Limited will then own 33,293,392 common shares, representing 39.09% of the of the Company's current issued share capital.
In addition, there are 2,039,057 vested options which remain outstanding. All warrants have now been exercised.
Following the exercise of these warrants and options, the Company's cashbalances have increased to $10 million, which the Directors of CRC consideradequate for the Company's working capital needs for at least the next 6months.Enquiries: Copper Resources Nabarro Wells & Fox-Davies Capital GTH Corporation Co. Limited Limited Communications Jeff Carel Hugh Oram Richard Hail Toby Hall +27 (11) +44 (0) +44 (0) +44 (0) 803 1073 20 7710 7400 207 936 5200 20 7153 8035
COPPER RESOURCES CORPORATION