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Atacama Copper Announces Closing of Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - June 16, 2023) - Atacama Copper Corporation (TSXV:...
About this update from Fuerte Metals Corporation
[{"type":"text","content":"Atacama Copper Announces Closing of Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - June 16, 2023) - Atacama Copper Corporation (TSXV: ACOP) (\"Atacama Copper\" or, the \"Company\") is pleased to announce that on June 15, 2023 (the \"Closing Date\"), it closed a non-brokered private placement of 1,567,332 common shares in the capital of the Company (\"Common Shares\") at a purchase price of $0.18 per Common Share for gross proceeds of $282,119.76 (the \"Offering\"). The gross proceeds of the Offering will be used for general corporate purposes.A finder's fees consisting of an aggregate cash commission of $5,249.99 and 29,167 warrants to purchase Common Shares (\"Finder's Warrants\") was paid by the Company in connection with the Offering. The finder's fee represents 7.0% of the proceeds from and 7.0% of the Common Shares issued to certain subscribers introduced to the Company by the finder. Each Finder Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.30 for a period of 24 months from the Closing Date.The securities issued in connection with the Offering are subject to a statutory hold period of four months plus one day from the Closing Date, being October 16, 2023, in accordance with applicable securities legislation.Insiders of the Company participated in the Offering. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), the Offering constitutes a \"related party transaction\" given the fact that insiders of the Company subscribed for Common Shares. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101, specifically: (i) the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(a) of MI 61-101, and (ii) the minority shareholder approval requirement of MI 61-101 by virtue of the exemption contained in Section 5.7(b) of MI 61-101. A material change report was not filed by the Company at least 21 days before the closing of the Offering, as the Company was seeking to close expeditiously to confirm funds for the Offering. In the view of the Company, this approach is reasonable in the circumstances.The Company has requested final approval from the TSX Venture Exchange in connection with the Offering.F...