Business
Chakana Announces Closing of $3.0 M Upsized Financing with Investments from Gold Fields and Rick Rule
Vancouver, British Columbia--(Newsfile Corp. - January 15, 2024) - Chakana Copper Corp. (TSXV: P...
About this update from Chakana Copper Corp.
[{"type":"text","content":"Chakana Announces Closing of $3.0 M Upsized Financing with Investments from Gold Fields and Rick RuleVancouver, British Columbia--(Newsfile Corp. - January 15, 2024) - Chakana Copper Corp. (TSXV: PERU) (FSE: 1ZX) (the \"Company\" or \"Chakana\") is pleased to announce that it has completed the upsized final tranche of its non-brokered private placement (the \"Private Placement\"). In connection with the closing of the second tranche, the Company issued 54,459,356 units (\"Units\") at a price of C$0.04 per Unit for gross proceeds of C$2,178,374.25. Each Unit consists of one common share in the capital of the Company (each, a \"Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one additional Share at a price of $0.06 per Share for a period of two years from closing of the Private Placement. The Company may accelerate the expiry of the Warrants in the event that for any ten consecutive trading days the closing price of the Shares is greater than $0.09. When combined with the first tranche of the Private Placement (see news release dated November 6, 2023), the Company raised gross proceeds of $3,000,034 through the issuance of an aggregate total of 75,000,851 Units.David Kelley, President and CEO commented, \"We are excited to see such strong support in this upsized financing to fund the next exploration phase at our Soledad project in Peru. We especially appreciate additional investments by Gold Fields and Rick Rule after completing a thorough geological review of the project and its potential. The primary use of the proceeds will be to drill several untested targets on the south half of the project, including the Mega-Gold porphyry target defined by extensive anomalous gold-molybdenum in soil, pervasive phyllic and advanced argillic alteration, and strong induced polarization chargeability responses.\" Pursuant to an agreement between the Company and Gold Fields Nazca Holdings Inc. (\"Gold Fields\"), a wholly owned indirect subsidiary of Gold Fields Limited, Gold Fields has exercised its participation right to purchase a total of 15,449,999 Units of the Private Placement for total proceeds of C$618,000. This placement takes Gold Fields from an equity position of 17.4% to 18.4 %. In addition, directors and officers of the Company purchased an aggregate of 3,585,852 Units in...