Business
Chakana Closes Second Tranche of Private Placement and Provides Update
Vancouver, British Columbia--(Newsfile Corp. - June 22, 2022) - Chakana Copper Corp. (TSXV: P...
About this update from Chakana Copper Corp.
[{"type":"text","content":"Chakana Closes Second Tranche of Private Placement and Provides UpdateVancouver, British Columbia--(Newsfile Corp. - June 22, 2022) - Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX) (the \"Company\" or \"Chakana\") is pleased to announce that it has completed a second and final tranche of its previously announced private placement (the \"Private Placement\") for 10,470,451 units of the Company (\"Units\") at a price of C$0.11 per Unit for gross proceeds of C$1,151,749. Combined with the first tranche that closed in May (see news release dated May 24, 2022), the financing resulted in total gross proceeds of $6,241,353.Each Unit consists of one common share in the capital of the Company (each, a \"Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to purchase one additional Share at a price of $0.20 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 $0.30.David Kelley, President and CEO, commented, \"We are excited to be fully financed as we execute an aggressive exploration drilling campaign that began June 15, 2022. This is a bold step-out exploration program applying what we have learned in the last 4 years and utilizing the expertise and support from the Gold Fields exploration team. We have updated our target ranking criteria to include the potential to discover larger tonnage deposits. In addition to high-grade mineralization hosted in tourmaline breccia pipes, we will also be testing targets related to the potential coalescence of breccia pipes (mega-breccias), epithermal mineralization in zones of pervasive argillic alteration, and mineralization related to a rhyodacite dome. We believe these mineralization styles are all part of the same Soledad mineral system that occupies a 12 km2 footprint.\" The Company intends to use the net proceeds of the Private Placement for exploration 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 ESG programs, general working capital and administrative purposes. On January 11, 2022, the Company announced an initial inferred resource ...