Infinitum Copper Announces Successful First Closing of Oversubscribed C$1.5 million Private Placement

Rhea-AI Summary

Infinitum Copper Corp. successfully closed the first tranche of a C$1,500,000 private placement, garnering C$1,473,669.19 from the sale of 21,052,417 units. The second tranche, totaling C$26,330.81, is anticipated to close by April 27, 2023. CEO Matt Hudson noted strong support from investors, emphasizing the high-grade potential of the La Adelita project. Funds raised will support ongoing exploration at Cerro Grande and initiate drilling at the Sangre del Toro feature, which previously returned 9.15m of 16.45g/t Au and 1.9% Cu. Additionally, the company granted 1,000,000 incentive stock options to the CEO, priced at C$0.08 per share, expiring in five years.

Positive

• Successful closing of C$1,473,669.19 in the first tranche of the private placement.
• Strong investor interest in capital raise noted, highlighting confidence in La Adelita project.
• Funds will facilitate exploration and drilling at high-grade project sites.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / APRIL 24, 2023 / Infinitum Copper Corp. (TSXV:INFI)(OTCQB:INUMF) ("Infinitum" or the "Company") is pleased to announce the successful closing of the first tranche of the C$1,500,000 private placement announced March 15^th, 2023. Tranche 1 comprises a total of 21,052,417 units representing gross proceeds of $CAD1,473,669.19. Tranche 2, representing $CAD26,330.81, is expected to be closed on or before Thursday 27^th April 2023.

"The response to this capital raise has been very positive with support from both existing and new shareholders. This capital raise has been a great opportunity to remind people that La Adelita is a truly district scale high-grade project. The money we have raised will allow us to continue exploration at Cerro Grande where 2022 drilling made multiple high-grade intercepts as well as putting the first drill holes in to the Sangre del Toro feature where results from trenching returned 9.15m of 16.45g/t Au and 1.9% Cu. I look forward to announcing the final close of the raise later next week and the commencement of drilling shortly thereafter" commented Matt Hudson, CEO.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units have been offered for sale to purchasers' resident in Canada, except Quebec, and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). Because the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the securities issued in the Offering will not be subject to a hold period pursuant to applicable Canadian Securities laws.

The Company also announce the grant of incentive stock options for the purchase of an aggregate 1,000,000 common shares of the company to Matt Hudson pursuant to the terms of the Company's Stock Option Plan. Each option is exercisable at $CAD0.08 per share and expire 5 years from the date of grant.

On Behalf of the Board of Directors of

INFINITUM COPPER CORP.

Matt Hudson
Chief Executive Officer
matt@infinitumcopper.com

Neither 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.

About Infinitum Copper

Backed by a strong team of industry veterans, Infinitum Copper is advancing La Adelita project, where the Company has an option to earn an 80% interest. The high-grade copper-silver-gold La Adelita Project is located in Sonora and Sinaloa states in Mexico. La Adelita is a Carbonate Replacement Deposit located in a mineralized district with a rich history. Infinitum Copper also has an option to earn 25% interest in the Hot Breccia project in the heart of the Arizona Copper Belt about 90km north of Tucson, AZ. The Hot Breccia project is prospective for porphyry copper and copper skarn mineralization.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of Canadian securities legislation. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, are inherently subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the Company's business, as described in the Company's Filing Statement dated February 11, 2022. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

SOURCE: Infinitum Copper

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FAQ

What is the purpose of Infinitum Copper's recent private placement?

The private placement aims to raise funds for ongoing exploration at Cerro Grande and initiate drilling at the Sangre del Toro feature.

How much was raised in the first tranche of Infinitum Copper's private placement?

Infinitum Copper raised C$1,473,669.19 in the first tranche of its private placement.

What does the Sangre del Toro feature's drilling results indicate?

Previous trenching at Sangre del Toro returned 9.15m of 16.45g/t Au and 1.9% Cu, indicating high-grade mineralization.

When is the second tranche of the private placement expected to close?

The second tranche of the private placement is expected to close on or before April 27, 2023.

What stock options were granted to Infinitum Copper's CEO?

CEO Matt Hudson was granted 1,000,000 stock options at C$0.08 per share, expiring in five years.