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Canadian Copper Announces Private Placement: Lead Order by CEO Simon Quick
Toronto, Ontario--(Newsfile Corp. - July 12, 2023) - Canadian Copper Inc. (CSE: CCI) ("Canadian C...
About this update from Canadian Copper, Inc.
[{"type":"text","content":"Canadian Copper Announces Private Placement: Lead Order by CEO Simon QuickToronto, Ontario--(Newsfile Corp. - July 12, 2023) - Canadian Copper Inc. (CSE: CCI) (\"Canadian Copper\" or the \"Company\") announces that it has initiated a non-brokered private placement of up to 8,333,333 units at a price of $0.12 per unit for gross proceeds up to $1,000,000 (\"Private Placement\"). The Company has secured an initial commitment of $100,000 from Simon Quick, CEO of Canadian Copper. \"As a result of my conviction for the Murray Brook deposit and this transformative acquisition for Canadian Copper, it is prudent that we align ourselves with our current shareholders and future investors whom we are asking to invest alongside us to complete this transaction,\" commented Simon Quick, CEO of Canadian Copper. \"Murray Brook is a large well-defined resource, situated between and connecting two previously operating mines in a world class base metal district conducive to development. A strategic asset purchase of this caliber, which is 10 km from a well-maintained concentrator facility that was operating as recently as 2022, do not come along very often. We believe this acquisition supports the Company growth strategy of increasing our exposure to critical minerals in stable jurisdictions.\" Each unit of the Private Placement will consist of one common share of the Company and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.18 per share at any time within 2 years from the date of issuance. The warrants will be subjected to an accelerated exercise clause in the event the Company's share price exceeds $0.30 for 10 consecutive trading days on a volume weighted average price basis. Proceeds from the Private Placement will be used for the financing of the $750,000 cash payment owed under the Purchase Agreement to acquire the Murray Brook deposit, to update the Murray Brook deposit historical mineral resource estimate technical report projected for release in November 2023, and for general corporate working purposes. Please click here to understand the accretive rational and strategic merits for this purchase. Closing is expected on or about July 31, 2023, or such other date as the Company may determine. While the Private Placement is being affected by the Comp...