Kutcho Copper Announces $2 Million Private Placement

About this update from Kutcho Copper Corp

[{"type":"text","content":" VANCOUVER, British Columbia, May 27, 2019 (GLOBE NEWSWIRE) -- Kutcho Copper Corp. (TSXV: KC) (OTC: KCCFF) (“Kutcho Copper” or the “Company”) today announced that it has arranged a non-brokered private placement (the “Private Placement”) for total gross proceeds of C$2,000,000. The Private Placement will consist of 10,000,000 units at a price of $0.20 per unit (each a “Unit”). Each Unit is comprised of one common share of the Company and one common share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to acquire one common share of the Company for a period of 3 years from closing at a price of $0.30. The Company intends to close the Private Placement on or about June 5, 2019.  Proceeds of the Private Placement will be used for ongoing expenditures on the Kutcho copper project and for general corporate and working capital purposes.  “Kutcho Copper is advancing its high-grade copper development project that has low upfront capital costs, low operating costs and significant upside potential, as demonstrated in the prefeasibility study (PFS) reported on June 15, 2017.  Subsequent increases in mineral resources confirms the long life and exploration upside of the project,” said Vince Sorace, President and CEO of Kutcho Copper Corp.  “However, the inherent value of the project and the progress made by the Company are not being reflected in the Company’s current share price, therefore we believe the best path forward is to minimize spending and equity dilution until this inherent value is better recognized.  This financing provides us with ample working capital to complete the metallurgical program and continue with permitting initiatives. It also allows us the flexibility and patience to continue and evaluate multiple strategic opportunities whether on a standalone basis, through mergers and acquisitions or strategic alternatives that would deliver maximum equity upside to our shareholders.  The Kutcho copper project is a great asset and well positioned with a clear path through feasibility, permitting and ultimately production.” The Company is continuing its work on completing its metallurgical program, and will report results in the coming weeks.  The Company is also finalizing the project description which once filed, will mark the project’s official entry into the Environmen...

More updates from Kutcho Copper Corp