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Marimaca Copper Announces Closing of C$20 million Strategic Investment by Mitsubishi Corp.
VANCOUVER, British Columbia, July 12, 2023 (GLOBE NEWSWIRE) -- Marimaca Copper Corp. (“Marimaca Copper”, “Marimaca” or the “Company”) (TSX: MARI) is pleased to
About this update from Marimaca Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, July 12, 2023 (GLOBE NEWSWIRE) -- Marimaca Copper Corp. (“Marimaca Copper”, “Marimaca” or the “Company”) (TSX: MARI) is pleased to announce the closing of the previously announced C$20 million equity investment by Mitsubishi Corporation (“Mitsubishi”) by way of non-brokered private placement (the “Strategic Investment”). Proceeds from the Strategic Investment will be used to advance and accelerate the development of the Company’s flagship Marimaca Copper Project located in the Antofagasta region, Chile. Pursuant to the Strategic Investment, Mitsubishi acquired an aggregate of 4,640,371 units (“Units”) consisting of one common share (a “Common Share”) and one Common Share purchase warrant (a “Warrant”) at a price of C$4.31 per Unit. Each Warrant will entitle Mitsubishi to purchase one additional Common Share at an exercise price of C$5.60 for a period of 24 months following closing. As a result of the Strategic Investment, Mitsubishi now owns approximately 5.0% of Marimaca’s issued and outstanding common shares on a non-diluted basis. Mitsubishi is a major investor in the Latin American copper industry with a portfolio of existing investments including Escondida, Los Pelambres, Antamina, Los Bronces and Quellaveco. About Marimaca Marimaca Copper is a Canadian exploration and development company focused on developing the Marimaca Project, an oxide, open-pit, heap leach copper project located in the Antofagasta Region of northern Chile. The Company’s shares trade on the TSX under the symbol “MARI” and on the OTCQX under the symbol “MARIF”. Contact Information For further information please visit www.marimaca.com or contact: Tavistock +44 (0) 207 920 3150Emily Moss / Adam [email protected] Forward Looking Statements This news release includes certain “forward-looking statements” under applicable Canadian securities legislation, including statements related to the Strategic Investment and the intended use of proceeds. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered re...