Peruvian Metals Closes Initial Tranche of Private Placement

Rhea-AI Summary

Peruvian Metals Corp. closes the initial tranche of a non-brokered private placement, raising $225,000 through the issuance of 3,214,286 units at $0.07 per unit, with the potential to raise up to $560,000. The funds will be used for property development and general working capital requirements. The Offering is subject to regulatory approvals, including the TSX Venture Exchange.

Edmonton, Alberta--(Newsfile Corp. - April 23, 2024) - Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) ("Peruvian Metals" or the "Company") is pleased to announce that it has, subject to regulatory approvals, closed a first tranche of its non-brokered private placement (the "Offering") of up to 8,000,000 units (the "Units") at $0.07 per Unit to raise up to $560,000 in gross proceeds. In this close, the Company has raised $225,000 through the issuance of 3,214,286 Units. Each Unit consists of one (1) common share of the Company, and one-half (1/2) non-transferable share purchase warrant (the "Warrants") of the Company. Each Warrant will be exercisable to acquire one (1) additional common share for two years from the closing date of the Offering at a price of C$0.10 per share, subject to certain acceleration provisions.

No finders' fees or finders warrants were issued in this tranche of the Offering. All the securities issued will be subject to resale restrictions until August 24, 2024. The net proceeds of the Offering will be used to develop the recently acquired Mercedes property, the Company's existing Palta Dorada property, and for general working capital requirements.

The completion of the Offering, including all issuances of Units, remains subject to certain regulatory approvals, including the approval of the TSX Venture Exchange.

About Peruvian Metals Corp.

Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade sulphide concentrates from mineral purchases. The Company continues to acquire and develop precious and base metal properties in Peru.

For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com.

Peruvian Metals Corp. is a Canadian resource company listed on the
TSX Venture Exchange: Symbol "PER" , and the OTCQB Venture Market: Symbol "DUVNF".
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290
Website: www.peruvianmetals.com Email: jeffrey.reeder@peruvianmetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions, and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206527

FAQ

What is the purpose of Peruvian Metals Corp.'s private placement?

The purpose is to raise funds for property development and general working capital requirements.

How much was raised in the initial tranche of the private placement?

$225,000 was raised through the issuance of 3,214,286 units at $0.07 per unit.

What is the price of the share purchase warrant in the Offering?

The share purchase warrant is priced at C$0.10 per share and is exercisable for two years from the closing date of the Offering.

What approvals are required for the completion of the Offering?

The completion of the Offering is subject to regulatory approvals, including the approval of the TSX Venture Exchange.

Are there any resale restrictions on the securities issued in the Offering?

Yes, all securities issued will be subject to resale restrictions until August 24, 2024.