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Chakana Announces Upsize to Private Placement Gold Fields to Follow Its Participation Rights
Vancouver, British Columbia--(Newsfile Corp. - December 20, 2023) - Chakana Copper Corp. (TSXV: ...
About this update from Chakana Copper Corp.
[{"type":"text","content":"Chakana Announces Upsize to Private Placement Gold Fields to Follow Its Participation RightsVancouver, British Columbia--(Newsfile Corp. - December 20, 2023) - Chakana Copper Corp. (TSXV: PERU) (FSE: 1ZX) (the \"Company\" or \"Chakana\") is pleased to announce that, as a result of demand, it has increased the size of its previously announced non-brokered private placement of Units (see new releases dated October 18, 2023, October 19, 2023, November 6, 2023 and December 20, 2023). Chakana will now raise aggregate gross proceeds of up to C$3,000,000 (the \"Private Placement\").Each Unit will consist of one common share in the capital of the Company (each, a \"Share\") and one common share purchase warrant (\"Warrant\"). Each Warrant will entitle 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.Pursuant to an agreement between the Company and Gold Fields Nazca Holdings Inc. (\"Gold Fields\"), a wholly owned indirect subsidiary of Gold Fields Limited (see news release dated April 19, 2019), Gold Fields exercised its participation right to purchase 8,555,643 Units in the first tranche of the Private Placement for total proceeds of C$342,225.75 and currently owns 19.9% of the outstanding shares in the Company. Gold Fields has informed the Company that it intends to participate in the second tranche of the financing. In addition, directors and officers of the Company purchased an aggregate of 3,185,852 Units in the first tranche of the Private Placement for total proceeds of C$127,434.09.The company intends to use $2.7M of the proceeds from the Private Placement for exploration drilling and development of the Company's high-grade copper-gold-silver discovery at the Soledad Project, located in the Ancash region of Peru, and for general working capital and administrative purposes. On June 28, 2023, the Company received final approval to drill numerous targets on the southern-half of the Soledad project (see news release dated July 5, 2023), including the Mega-Gold porphyry target, the La Joya high-sulfidation epithermal target, and additional high-grade outcropping tourmaline breccia pipes...