Infinitum Copper Closes Private Placement

About this update from Infinitum Copper Corp

[{"type":"text","content":"Infinitum Copper Closes Private PlacementVANCOUVER, BC / ACCESSWIRE / December 12, 2022 / Infinitum Copper Corp. (TSXV:INFI, OTCQB:INUMF) (\"Infinitum Copper\" or the \"Company\") announces that it has closed the first tranche of its previously announced non‑brokered private placement financing. The private placement tranche was completed with a total of 1,198,129 units (the \"Units\") at a price of $0.13 per Unit, for gross proceeds of $155,757 (the \"Offering\"). Each Unit consists of one common share of the Company (each, a \"Common Share\") and one-half of one transferable Common Share purchase warrant of the Company. Each whole warrant (each, a \"Warrant\") entitles the holder to purchase one additional Common Share for a period of two (2) years from closing at a price of $0.22.To demonstrate continued support of the Company's business plan and growth strategy, the President & CEO of Infinitum Copper has invested over $50,000 in the current private placement. Steve Robertson, President & CEO of Infinitum stated: \"I am happy to support this financing as I see tremendous value with the price of this financing when considering the great properties, world class team, tight share structure and exploration momentum leading into 2023. The headwinds of the overall market have affected the market capitalization of the Company, but I strongly believe the fundamentals in the copper market will eventually reveal what a strongly levered opportunity this is for our investors.\"Proceeds from the Offering will be used to fund exploration at La Adelita project in Sonora State, Mexico and the Hot Breccia project in Arizona State, USA, and for general corporate purposes.The securities issued in connection with the Offering, including any Common Shares issued upon exercise of the Warrants and Compensation Warrants, are subject to a four-month restricted resale period that expires on April 13, 2023 and applicable securities legislation hold periods outside of Canada from the closing date.Completion of the Offering will be subject to all necessary approvals, including the approval of the TSX-V.The Offering included subscriptions from certain insiders of the Company. The issuances of Units to certain insiders, pursuant to the Offering, is considered a related party transaction within the meaning of TSX-V Policy 5.9 and Multilatera...

More updates from Infinitum Copper Corp