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Bell Copper Announces Closing of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2023) - Bell Copper Corporation (TS...
About this update from Bell Copper Corporation
[{"type":"text","content":"Bell Copper Announces Closing of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - September 6, 2023) - Bell Copper Corporation (TSXV: BCU) (\"Bell Copper\" or the \"Company\") announces that further to its news releases of June 15, and July 31, 2023, the Company has now closed its non-brokered private placement (the \"Financing\").In the Financing, the Company issued 4,558,417 units (\"Units\") at a price of $0.12 per Unit for total gross proceeds of $547,010. Each Unit consists of one common share and one common share purchase warrant (a \"Warrant\"). Each Warrant will be exercisable into one additional common share at a price of $0.24 per share for a period of two years from the date of closing of the Financing (\"Closing\").Incidental to the Financing, the Company paid Finder's fees of $6,300.00 cash and issued 52,500 Finder's Warrants to certain brokers, as permitted by the policies of the TSX Venture Exchange. Each Finder's Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.24 for a period of two years from the date of Closing.The securities issued by the Company are subject to a statutory hold period which expires on January 1, 2024. Funds raised from the Financing will be used for the ongoing drilling and exploration program at the Company's 100% owned Big Sandy Porphyry Copper Project and for general working capital. Crescat Capital LLC (\"Crescat\"), a >10% insider and significant shareholder of the Company participated in the Offering for a total of 1,666,667 Units, which participation constituted a \"related party transaction\" for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company relied upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in completing the Financing with Crescat, on the basis that the fair market value of such participation was less than 25% of Bell's current market capitalization.About Bell CopperBell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in Arizona. Bell Copper is exploring its 100% owned Big Sandy Porphyry Copper Project and the Perseverance Porphyry Copper Project which is under a Joint Ven...