Business
Chakana Copper Corp. Announces $6 Million Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, B.C., March 08, 2018 (GLOBE NEWSWIRE) -- Chakana Co
About this update from Chakana Copper Corp.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, B.C., March 08, 2018 (GLOBE NEWSWIRE) -- Chakana Copper Corp. (TSX-V:PERU)(OTC:CHKKF)(FWB:1ZX) (the “Company” or “Chakana”) is pleased to announce that it has entered into an engagement agreement with Eventus Capital Corp. (the “Agent”) to act as lead agent and sole bookrunner on a commercially reasonable efforts basis in respect of a brokered private placement offering of up to 6,667,000 common shares of the Company (the “Shares”) at a price of $0.90 per Share (the “Offering Price”) for gross proceeds of approximately $6,000,000 (the “Offering”), subject to completion of satisfactory due diligence. The Company intends to use the net proceeds of the Offering to fund the acceleration and expansion of its phase 1 drill program at Chakana’s Soledad copper gold project located in Peru and for general working capital purposes. On closing of the Offering, the Company will pay to the Agent a cash commission of up to 6% of the gross proceeds of the Offering placed by the Agent, in cash, and will issue up to such number of broker warrants (the “Broker Warrants”) as is equal to 6% of the number of Shares placed by the Agent. Each Broker Warrant is exercisable to acquire one Share at the Offering Price for a period of 24 months from the date of issuance. The Offering will be conducted by way of private placement pursuant to applicable exemptions from prospectus requirements in all provinces of Canada and outside Canada, excluding the United States of America, on a basis which does not require the qualification or registration of any of the Company’s securities under domestic securities laws. Closing of the Offering, which is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange, is expected to occur on or about March 23, 2018. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The secu...