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PNG Copper Inc. Announces Closings of Private Placement and Debt Settlement
Toronto, Ontario--(Newsfile Corp. - January 24, 2022) - PNG Copper Inc. (CSE: PNGC) ("PNG Copper" or the "Company") is pleased to announce the simultaneous clos
About this update from Loyalist Exploration Limited
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - January 24, 2022) - PNG Copper Inc. (CSE: PNGC) (\"PNG Copper\" or the \"Company\") is pleased to announce the simultaneous closings of a brokered private placement offering (\"Private Placement\") and settlement of outstanding indebtedness with senior management of the Company (\"Debt Settlement\"). The Company, pursuant to the Private Placement, issued 1,500,000 units for gross proceeds of C$105,000.00. In connection with the closing of the Private Placement, the Company paid a cash fee of C$9,450.00 and issued 150,000 non-transferable broker warrants to its agent, IBK Capital Corp. (\"IBK Capital\"). Each broker warrant is exercisable to acquire a unit at a price of $0.07 per unit for a period of five (5) years from the closing date. Each unit consisted of one (1) Class A common share in the capital of the Company (\"Common Share\") and one Common Share purchase warrant (\"Warrant\"). Each whole Warrant entitles the holder to purchase one additional Common Share at an exercise price of C$0.10 per Common Share, for a period of five (5) years from the date of issuance. The proceeds of the Private Placement will be used for exploration of the Keveri Copper-Gold Porphyry Project in Papua New Guinea and for working capital purposes. The Company, pursuant to the Debt Settlement, issued 500,000 Common Shares at a deemed price of $0.07 per Common Share to settle indebtedness of C$35,000 owed to the respective senior manager of the Company. All securities issued and issuable pursuant to the Private Placement and the Debt Settlement will be subject to a hold period of four months and one day from the date of closing. About PNG Copper Inc. PNG Copper Inc. is a mineral exploration company focused on acquiring, exploring, and developing quality mineral properties in Papua New Guinea. The Company's core values are respect for the Community, the Landowners, the environment and operating a safe workplace for its employees. The Company is also committed to best practice standards of Corporate Governance. For further information, please visit the Company's website at pngcopper.ca or contact: PNG Copper Inc. Paul Rokeby, Chief Financial OfficerTel: +1.705.465.1880 This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities i...