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Ecuador Gold and Copper Corp . Announces Closing of Non-Brokered Private Placement for USD2,500,000

Wednesday, 28 Nov 2012 09:58pm EST 

Ecuador Gold and Copper Corp announced that it has closed its non-brokered private placement (the Private Placement) of 11,904,762 units (the Units) at a price of USD0.21 per Unit for gross proceeds of USD2,500,000, 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 USD125,000 to a finder for his efforts in sourcing the purchaser for the Private Placement. 

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11:39am EDT