CopperBank Announces Close of Non-Brokered Private Placement

Rhea-AI Summary

CopperBank Resources Corp. has successfully completed a non-brokered private placement, issuing 3,592,358 shares at $0.35 each, totaling $1,257,325. Insiders acquired 50% of the offering, with no finder’s fees involved. The proceeds will be utilized for maintaining its portfolio and general working capital. The placement is pending approval from the Canadian Securities Exchange and will have a four-month hold period. CopperBank is focused on energy-related metal exploration in the USA and trades under the symbol CBK.

Positive

• Successfully raised $1,257,325 through a non-brokered private placement.
• Insider participation of 50% indicates strong confidence in the company.
• Proceeds will support project portfolio maintenance and working capital.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / February 19, 2021 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE:CBK) is pleased to announce that it has closed a non-brokered private placement of 3,592,358 shares, at a price of $0.35, for a total of $1,257,325. Insiders of the company have subscribed for 50% of the offering and no finder's fees were paid as part of this private placement.

The private placement is subject to the approval of the Canadian Securities Exchange and the securities will be subject to a four month and one day hold period under securities laws.

The Company intends to use the net proceeds from the private placement to maintain its portfolio of projects as well as general working capital.

About CopperBank

CopperBank is a Canadian exploration mining company focused on energy related metal exploration in The United States of America. The Company trades on the Canadian Securities Exchange - CSE- under the symbol "CBK".

On behalf of CopperBank Resources Corp.

"Gianni Kovacevic"

Address: Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Tel: 604-889-0852
E-mail: gk@copperbankcorp.com
Website: www.copperbankcorp.com

Advisory Regarding Forward-Looking Statements

Certain information in this release constitutes forward looking statements or information ("forward-looking statements") under applicable securities laws and necessarily involves risks and uncertainties. Forward-looking statements included herein are made as of the date of this news release and, except as required by applicable law, CopperBank does not undertake any obligation to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Forward-looking statements relate to future events or future performance and reflect management of CopperBank's expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as "plans", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Examples of forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's ongoing review of its existing portfolio, the involvement of CopperBank in any potential divestiture, spin-out, partnership or other transactions involving the Company's portfolio assets, and the ability of the Company to complete any such transactions, the ability of CopperBank to enter into transactions that will ultimately enhance shareholder value, and potential future work or activities in respect of the Pyramid project or the Contact project. Although CopperBank believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to CopperBank. Forward-looking statements are based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to, the Company's ability to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Such factors include, but are not limited to, the risk that the Company will not be able to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. Although CopperBank has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. For more information on CopperBank and the risks and challenges of its businesses, investors should review the continuous disclosure filings that are available under CopperBank's profile at www.sedar.com.

SOURCE: CopperBank Resources Corp.

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FAQ

What is the total amount raised in CopperBank's recent private placement?

CopperBank raised a total of $1,257,325 through its recent private placement.

What percentage of the private placement was subscribed by insiders?

Insiders subscribed for 50% of the private placement.

What is the purpose of the funds raised from the private placement by CopperBank?

The funds will be used to maintain its portfolio of projects as well as for general working capital.

What is the holding period for the securities issued in the private placement?

The securities issued in the private placement are subject to a four-month and one-day hold period.

On which exchange does CopperBank trade, and what is its stock symbol?

CopperBank trades on the Canadian Securities Exchange under the symbol CBK.