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Kutcho Copper Corp. Announces Closing of Over-Subscribed Private Placement
VANCOUVER, British Columbia, June 06, 2019 (GLOBE NEWSWIRE) -- Kutcho Copper Corp. (TSXV: KC) (OTC: KCCFF) (“Kutcho” or the “Company”) is pleased to announce th
About this update from Kutcho Copper Corp
[{"type":"text","content":" VANCOUVER, British Columbia, June 06, 2019 (GLOBE NEWSWIRE) -- Kutcho Copper Corp. (TSXV: KC) (OTC: KCCFF) (“Kutcho” or the “Company”) is pleased to announce that it has closed its over-subscribed non-brokered private placement (the “Private Placement”) for total gross proceeds of C$2,100,000. The Company issued a total of 10,500,000 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. Proceeds of the Private Placement will be used for continuing expenditures on the Kutcho copper project and for general corporate and working capital purposes. All common shares and Warrants issued under the private placement bear a hold period of 4 months and one day from the closing date. Major shareholders of the Company, including Capstone Mining Corp. and Wheaton Precious Metals Corp. (as Wheaton discloses in further detail below) participated in the Private Placement, as did certain directors of Kutcho. Participation of insiders of the Company in the Private Placement constitutes a related-party transaction as defined under Multilateral Instrument 61-101. Because the Company’s shares trade only on the TSX Venture Exchange (“TSXV”), the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(b) of MI 61-101. The Company paid cash finder’s fees and issued 328,300 non-transferable finder warrants to eligible finders on a portion of the Private Placement. The finder warrants otherwise have the same terms as the Warrants. Wheaton Precious Metals Corp. (“Wheaton”), announced today that it acquired 1,000,000 Units of Kutcho at a price of C$0.20 per Unit, for total consideration of C$200,000 (the “Subscription Amount”), pursuant to the Private Placement. Each Unit consists of one common share of Kutcho (the “Common Shares”) and one common share purchase warrant (the “2019 Warrants”), each 2019 Warrant entitling Wheaton to purchase of one Common Share at a price of C$0.30, exercisable until June 2022. Immediately pr...