Super Copper Announces Closing of $9.75 Million Brokered LIFE Financing
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
Each Unit is comprised of one common share in the capital of the
The Units were offered by way of the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions ("NI 45-106"), as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Order"), in the provinces of
The Units were also offered to persons in
In connection with the Offering, the Agents received a cash commission equal to 6.0% of the gross proceeds of the Offering and the Company issued to the Agents non-transferable warrants ("Broker Warrants") representing 6.0% of the aggregate number of Units sold pursuant to the Offering. Each Broker Warrant entitles the holder to purchase one Share of the Company at a price of
Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the Company advises that two subscribers purchased an aggregate of 677,072 Units under the Offering are considered to be related parties of the Company, and each insider's participation in the Offering constitutes a related party transaction for the purposes of MI 61-101. The Company is relying on the exemptions from the formal valuation requirements contained in section 5.5(a) of MI 61-101 and from the minority shareholder approval requirements contained in section 5.7(1)(a) of MI 61-101, as the fair market value of the related party transaction does not exceed 25% of the Company's market capitalization, as determined in accordance with MI 61-101.
The Company intends to use the net proceeds raised from the Offering to advance its two Chilean copper projects (Cordillera Cobre and Castilla) toward drill-ready status, complete property-wide magnetics and Induced Polarization (IP) survey at its Castilla project to map iron oxide copper gold ore (IOCG) targets and sulfide concentrations at depth and complete a maiden and follow-up drilling program at Cordillera Cobre, and for general and administrative expenditures including engaging additional ongoing marketing and investor relations services.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in
About
Super Copper is a mining exploration company focused on acquiring, advancing and consolidating global copper assets from early discovery through late-stage development. The company is currently advancing its copper projects in Atacama,
Forward-Looking Statements
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to: the Offering, the use of proceeds of the Offering, and the Company building a portfolio of scalable projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipates", "anticipated", "expected", "intends", "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward-looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals and the timing thereof. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
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