Business
Interra Copper Corp. Closes Private Placement
VANCOUVER, British Columbia, Oct. 29, 2021 (GLOBE NEWSWIRE) -- Interra Copper Corp. (CSE: IMCX, OTCQB: IMIMF, FRA: 3MX) (“Interra” or the “Company”) is pleased
About this update from Copper Quest Exploration Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 29, 2021 (GLOBE NEWSWIRE) -- Interra Copper Corp. (CSE: IMCX, OTCQB: IMIMF, FRA: 3MX) (“Interra” or the “Company”) is pleased to announce that is has closed a non-brokered private placement (the “Private Placement”) issuing an aggregate of 925,000 flow-through units (“FT Units”) at a price of $0.20 per FT Unit and 110,000 non-flow-through units (“Non-FT Units”) at a price of $0.15 per Non-FT Unit for gross proceeds of $201,500. Each FT Unit consists of one common share in the capital of the Company that qualifies as a “flow-through share” for the purposes of the Income Tax Act (Canada) and one non-flow-through warrant (“Warrant”) exercisable at $0.30 for 24 months from the date of issuance into a common share in the capital of the Company (a “Share”). Each Non-FT Unit consists of one Share and one Warrant exercisable at $0.30 for 24 months from the date of issuance into a Share. Proceeds from the sale of the FT Units will be used before December 31, 2022, to fund exploration programs on the Company’s Thane Property in north-central British Columbia that qualify as Canadian exploration expenses and flow-through mining expenditures”, as those terms are defined in the Income Tax Act (Canada), and as “BC flow-through mining expenditures” as defined the Income Tax Act (British Columbia). Proceeds from the sale of the Non-FT Units will be used for general working capital purposes. All securities issued pursuant to the Private Placement are subject to a hold period under applicable Canadian securities laws of four months and one day from the date of closing of the Private Placement. Greg Hawkins, Chairman of the Board of Directors of the Company, Jason Nickel, Chief Executive Officer and Director of the Company, and ACB Services Inc., a private company held by Jason Nickel, participated in the Private Placement by purchasing 250,000 FT Units, 125,000 FT Units, and 50,000 Non-FT Units, respectively. As such, the transaction constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security holders in Special Transactions (“MI 61-101”). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related part...