Granite Creek Copper Closes C$1.5 Million Flow-Through Private Placement

Rhea-AI Summary

Granite Creek Copper Ltd. (OTCQB:GCXXF) closed a $1.5 million non-brokered private placement, issuing 8,333,337 flow-through common shares at a price of $0.18 per share. Proceeds will fund eligible Canadian Exploration Expenses at the Carmacks project in Yukon. Insiders participated, acquiring 194,456 shares, exempt from formal valuation requirements. Finders received $91,000 in fees and 505,554 warrants at $0.27 for two years. The shares are subject to a four-month hold period and are not registered in the U.S.

Positive

• Successfully raised $1.5 million through a private placement.
• Proceeds aimed at funding exploration expenses at the promising Carmacks project.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 17, 2021 / Vancouver, B.C., Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) ("Granite Creek" or the "Company") announces the closing of a non-brokered private placement of 8,333,337 flow-through common shares (the "FT Shares") of the Company at a price of $0.18 per common share for gross proceeds of $1,500,001 (the "Financing").

Proceeds from the Financing are intended for eligible Canadian Exploration Expenses, within the meaning of the Income Tax Act (Canada), at the Company's Carmacks project in the Yukon Territory. Shares are subject to a statutory hold period of four months and one day from the date of issuance, under applicable Canadian securities laws.

Two directors and an officer of the Company participated in the private placement for an aggregate of 194,456 FT Shares. The participation by insiders in the private placement is considered to be a related-party transaction as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued, nor the consideration being paid exceeds 25% of the Company's market capitalization

Canaccord Genuity Corp. and Research Capital Corp (the "Finders") acted as finders in connection with the Offering, Granite Creek paid the Finders aggregate cash fees totalling $91,000 and issued 505,554 non-transferable common share purchase warrants of the Company (the "Finder Warrants"). Each Finder Warrant will entitle the holder to purchase one common share in the capital of the Company at a price of $0.27 per share for a period of two years from the date of closing.

The FT Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada's Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company's website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca
Twitter: @yukoncopper

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.

SOURCE: Granite Creek Copper Ltd.

View source version on accesswire.com:
https://www.accesswire.com/678230/Granite-Creek-Copper-Closes-C15-Million-Flow-Through-Private-Placement

FAQ

What is the significance of Granite Creek Copper's recent private placement?

The private placement allows Granite Creek Copper to raise $1.5 million, funding its exploration activities at the Carmacks project.

How many shares did Granite Creek Copper issue in the recent financing?

Granite Creek Copper issued 8,333,337 flow-through common shares in the recent financing.

What was the price per share for Granite Creek's flow-through common shares?

The flow-through common shares were priced at $0.18 each.

What are the terms regarding the shares issued by Granite Creek Copper?

The shares are subject to a four-month hold period and are not registered under U.S. securities laws.

Who participated in the recent private placement by Granite Creek Copper?

Two directors and an officer of the Company participated, acquiring a total of 194,456 flow-through shares.