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DISTRICT COPPER ANNOUNCES COMPLETION OF PRIVATE PLACEMENT AND GRANT OF STOCK OPTIONS
DISTRICT COPPER ANNOUNCES COMPLETION OF PRIVATE PLACEMENT AND GRANT OF STOCK
About this update from District Copper Corp.
[{"type":"text","content":"\nVancouver - District Copper Corp. ('District Copper', 'District', or the 'Company') (TSX-Venture: DCOP) announces that, further to its news releases dated April 23, 2025, April 30, 2025, and May 30, 2025, it has now closed its private placement raising gross proceeds of $541,500 through the issuance of 10,830,000 units at a price of $0.05 per unit ('Unit').\nEach Unit consists of one share and one transferable share purchase warrant ('Warrant'), with each Warrant being exercisable at a price of $0.075 for period of 3 years from the date of issuance\nThe funds will be used for general working capital purposes and exploration on the Company's 100% owned Copper Keg project in BC and potential new acquisition/option opportunities. The Company paid finder's fees of $6,400 and 128,000 finder warrants in connection with the closing of the first tranche, issued 24,000 finder's warrants in connection with the closing of the second tranche and paid finder's fees of $11,600 and issued 232,000 finder warrants in connection with the closing of the third and final tranche. The securities issued as part of this private placement are subject to a regulatory hold period expiring on August 31, 2025 (as to 3,830,000 units), October 1, 2025 (as to 1,800,000 units) and October 31, 2025 (as to 5,200,000 units).Jevin Werbes, CEO and a Director of the Corporation, subscribed to 200,000 Units for gross proceeds of $10,000 and Braden Jensen, a Director and CFO of the Corporation subscribed to 100,000 Units for gross proceeds of $5,000 The issuance of Units to Messrs. Werbes and Jensen pursuant to the Private Placement is considered 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 is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Private Placement by insiders will not exceed 25% of the fair market value of the Company's market capitalization. The Company will file a material change report in respect of the related party transactions in connection with the Private Placement. Additionally, the Company announcesthe grant of 2,900,000 incentive stock optionsto its directors, officers, employees ...