Orecap's Cuprum Corp. Completes Seed Round Private Placement

About this update from Orecap Invest Corp

[{"type":"text","content":"Orecap's Cuprum Corp. Completes Seed Round Private PlacementToronto, Ontario--(Newsfile Corp. - November 29, 2023) - Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the \"Company\" or \"Orecap\") is pleased to announce that it has made an additional investment in Cuprum Corp. (\"Cuprum\"), the private company that owns 100% of Thierry Copper Mine (\"Thierry\"), in Pickle Lake, Ontario. In relation to this, Cuprum has completed a Private Placement of $455,500 (\"Private Placement\").The Private Placement was completed on the same terms as Orecap's initial investment into Cuprum, and Orecap's Chairman, Stephen Stewart, subscribed for $100,000 of the Private Placement. The terms of this Private Placement were set and agreed upon when Orecap originally entered into the agreement to gain control of Cuprum. Orecap now owns 29.5 million shares for 42.7% of Cuprum, and Orecap and affiliates own approximately 57% of Cuprum's shares. No finders fees or warrants were paid in connection with this financing. Proceeds will go towards general working capital purposes, preparing Cuprum for its going public process, and potentially completing assays on the remaining four diamond drill holes from Thierry's summer drill program. About Cuprum and its 100% owned Thierry Copper MineThierry is Ontario's largest primary copper resource and includes a recent PEA covering only the underground portion of the known resources. Orecap's view is that Thierry's primary upside is its near-surface bulk tonnage potential growth. Thierry reflects Orecap's strategy of acquiring opportunities from special situations and incubating new high-potential brownfield projects with excellent infrastructure and jurisdiction. Six drill holes were completed this summer, with only two being assayed with the following results:CCM-23-51 intersecting 106 metres of 0.539% Copper Equivalent (\"CuEq\") mineralization (including 23.2 metres of 0.875 % CuEq mineralization) within continuous sulphide mineralization which started at surface and extended 247.8 metres down the hole, grading 0.438% CuEq.CCM-23-52 intersecting 31.2 metres of 0.677% CuEq mineralization and 22.8 metres of 0.670% CuEq mineralization within continuous sulphide mineralization which started at surface and continued for 243.9 metres down the hole, grading at 0.382% CuEq.* Copper Equivalent (CuEq) for drill intersec...

More updates from Orecap Invest Corp