Business
Kutcho Copper Announces C$4 Million Flow-Through Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, July 19, 2018 (GLOBE NEWSWIRE) --
About this update from Kutcho Copper Corp
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, July 19, 2018 (GLOBE NEWSWIRE) -- Kutcho Copper Corp. (TSXV:KC) (OTC:KCCFF) (“Kutcho Copper” or the “Company”) is pleased to announce that it has filed and received a receipt for a preliminary short form prospectus (the “Preliminary Prospectus”) in connection with a proposed offering of flow-through shares (the “FT Shares”) to raise up to C$4,005,000 (the “Offering”) at a price of C$0.45 per FT Share (the “Issue Price”). The Offering will be conducted on a best efforts agency basis and is led by Haywood Securities Inc., on behalf of a syndicate of agents (the “Agents”). The proceeds from the Offering will be used to incur Canadian exploration expenditures (“CEE”) that qualify as ‘flow-through mining expenditures’ (as such terms are defined in the Income Tax Act (Canada)) on the Company’s Kutcho high grade copper-zinc project located in British Columbia (the “Qualifying Expenditures”). The Qualifying Expenditures will be renounced to the purchasers with an effective date no later than December 31, 2018, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of the FT Shares. The Company’s drilling program at Kutcho commenced in June with two drill rigs. The summer program will consist of a combination of geotechnical, metallurgical and resource expansion drilling. The focus of resource expansion drilling will be on the Main lens, where the highest grade and thickest portions of the inferred category of resources exists. Approximately 12,000 metres of drilling are planned for the 2018 field season, which is expected to be completed by mid-October. Closing of the Offering is expected to occur on or about August 9, 2018 and is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. In addition, the Company has granted the Agents an option, exercisable in whole or in part by giving notice to the Company at any time up to 48 hours prior to the closing date, to sell up to an additional 1,335,000 FT Shares. The Offering is being made pursuant to a short form prospectus to be filed in British Columbia, Alberta, and Ontario. This news release shall not con...