Business
Canadian Copper Announces Closing of Oversubscribed Private Placement
Toronto, Ontario--(Newsfile Corp. - December 20, 2022) - Canadian Copper Inc. (CSE: CCI) ("Canadian Copper" or the "Company") is pleased to announce that is has
About this update from Canadian Copper, Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - December 20, 2022) - Canadian Copper Inc. (CSE: CCI) (\"Canadian Copper\" or the \"Company\") is pleased to announce that is has closed its previously announced private placement consisting of 4,080,000 flow-through shares (the \"FT Shares\") at a price of C$0.10 per FT Share for aggregate gross proceeds of $408,000 (the \"FT Offering\"). There were no warrants issued as part of this financing. Simon Quick, CEO of Canadian Copper. \"A big thank you to our current and new shareholders. Over the last year our Team has made substantive progress at the Chester Project; equally in terms of the expanding the known Chester copper resource, in addition to identifying new prospective areas with our regional trenching program. From a shareholder dilution and cost of capital perspective, this FT financing represented a share premium of ~30% to our last 30 trading days and was not accompanied by any warrants. We will deploy this FT Offering in a targeted manner that increases the Chester asset value.\" The proceeds of the FT Offering will be used to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through mining expenditures\" as both terms are defined in the Income Tax Act (Canada) (the \"Qualifying Expenditures\") related to the Company's projects in New Brunswick, Canada. The Company plans to incur Qualifying Expenditures on or before December 31, 2023 (or such other period as may be permissible under applicable tax legislation), and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares effective December 31, 2022. It is the intention of the Company to incur, and renounce to subscribers, pursuant to the Subscription Agreement, expenses that will qualify for the Critical Mineral Exploration Tax Credit (\"CMETC\"), if the intended exploration program and proposed Qualifying Expenditures will qualify and it is reasonable for the Company, in its determination, to comply with the requirements of the CMETC and incur and renounce the CMETC to the Subscriber. As a reminder, the purpose and use for this now closed FT Offering are as follows: Continue to advance the Chester Copper Project (\"Chester\") through additional near deposit exploration work. Further, contribute to the development of regional exploration targets that may be generated by o...