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Atacama Copper Corporation Announces Closing of Final Tranche of Subscription Receipt Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 1, 2024) - Atacama Copper Corporation (TS...
About this update from Fuerte Metals Corporation
[{"type":"text","content":"Atacama Copper Corporation Announces Closing of Final Tranche of Subscription Receipt Private PlacementVancouver, British Columbia--(Newsfile Corp. - February 1, 2024) - Atacama Copper Corporation (TSXV: ACOP) (\"Atacama Copper\" or the \"Company\") is pleased to announce that the Company has closed the third and final tranche of its previously announced brokered private placement (the \"Financing\") for an additional 1,666,667 subscription receipts of the Company (\"Subscription Receipts\") at a price of $0.18 per Subscription Receipt for gross proceeds under the third tranche of $300,000 and aggregate gross proceeds under the Financing of approximately $12,800,000. Together with the gross proceeds of $100,000 from the Company's previously announced non-brokered private placement of common shares, the total gross proceeds raised in connection with the Proposed Transaction (as defined below) is approximately $12,900,000. Unless otherwise stated, all amounts referred to herein are in Canadian dollars.The Subscription Receipts issued pursuant to the third tranche of the Financing were issued to a strategic investor (the \"Strategic Investor\"). In connection with the subscription, the Company and the Strategic Investor entered into an investor rights agreement that will become effective upon completion of the Proposed Transaction, pursuant to which the Strategic Investor is entitled to certain rights provided that it maintains certain ownership thresholds in the Resulting Issuer (as defined below), including: (a) the right to participate in equity financings of the Resulting Issuer to maintain its pro rata ownership at the time of such financing or to acquire up to a 9.99% ownership interest, on a partially diluted basis, in the Resulting Issuer; and (b) the right (which the Strategic Investor has indicated it has no present intention of exercising) to nominate one person (and in the case of an increase in the size of the board of directors of the Resulting Issuer to eight or more directors, two persons) for election or appointment to the Resulting Issuer's board of directors.Summary of the FinancingPursuant to the terms of an agency agreement among the Company, TCP1 Corporation (\"TCP1\"), Cormark Securities Inc. and Stifel Canada, as co-lead agents (the \"Agents\"), under the third tranche of the Financing, the Company issued an...