Business
Bell Copper Updates
Vancouver, British Columbia--(Newsfile Corp. - July 31, 2023) - Bell Copper Corporation (TSXV: B...
About this update from Bell Copper Corporation
[{"type":"text","content":"Bell Copper UpdatesVancouver, British Columbia--(Newsfile Corp. - July 31, 2023) - Bell Copper Corporation (TSXV: BCU) (OTCQB: BCUFF) (\"Bell Copper\" or the \"Company\") wishes to provide a drilling update, and an update to its news release of June 15, 2023, wherein it had announced plans to conduct a non-brokered private placement (\"Financing\") for up to 10,416,666 units (each, a \"Unit\") at a price of $0.12 per Unit to raise gross proceeds of up to $1,250,000. Conditional acceptance of the TSX Venture Exchange to the Financing has been received and the Company is still in the process of collecting subscriptions from various investors. It plans to submit final documentation and announce a closing of the Financing (\"Closing\") within the next 30 days. Each unit (a \"Unit\") will consist of one common share and one transferable share purchase warrant (\"Warrant\"). Each Warrant shall be exercisable into one additional common share at a price of CAD $0.24 per share for a period of two years from the date of Closing.Crescat Capital LLC (\"Crescat\"), a >10% insider and significant shareholder of the Company, has committed to participate in the Financing pursuant to its equity participation right to maintain its pro-rata ownership in Bell Copper.Crescat's participation in the Financing shall constitute 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 is relying 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 Crescat's pro rate participation shall be less than 25% of Bell's current market capitalization.The private placement shall be subject to final acceptance by the TSX Venture Exchange and all securities issued pursuant to the Financing will be subject to a hold period under applicable securities laws, which hold period will expire four months plus one day from the date of Closing. The Company may pay finder's fees incidental to the Financing, as permitted by the policies of the TSX Venture Exchange.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 ...