Infinitum Copper Closes $CAD450,000 Placement
Infinitum Copper Corp. (TSXV: INFI, OTCQB: INUMF) has successfully closed its non-brokered private placement financing, raising $CAD450,000 through the issuance of 11,250,000 units at $0.04 per unit. Each unit includes one common share and one warrant to purchase an additional share at $0.06 within three years. The proceeds will fund operations at the La Adelita project, including clearing a path to the Cerro Grande adit and constructing a 3m x 3m drive to access previously identified mineralized bodies. This financing also saw participation from company insiders, qualifying as a related party transaction but exempt from formal valuation and minority approval requirements.
- Raised $450,000 through private placement financing.
- Proceeds will fund critical operations at the La Adelita project.
- Units priced at $0.04, with 11,250,000 units sold, showing market interest.
- Warrants provide potential additional capital if exercised at $0.06 in three years.
- No finders fees were paid, reducing expenses related to the placement.
- Related party transactions involved, which may raise concerns of conflict of interest.
- Current share price required to be above $0.06 for warrant exercise, which may be uncertain.
- Approval required from TSX-V, introducing a regulatory risk.
Vancouver, British Columbia--(Newsfile Corp. - June 7, 2024) - Infinitum Copper Corp. (TSXV: INFI) (OTCQB: INUMF) ("Infinitum Copper" or the "Company") announces that it has closed its previously announced non-brokered private placement financing. The private placement tranche was completed with a total of 11,250,000 units (the "Units") at a price of
"The company is pleased to have closed this financing and looks forward to re-commencing operations at La Adelita. The money raised will allow the company to clear a path to the existing adit at Cerro Grande and commence the construction of a short 3m x 3m drive to access the mineralised body identified in earlier drilling campaigns. Several groups have expressed an interest in purchasing mineralised material to supplement their own mill feeds. High grade material can aid the recovery of lower grade material in a flotation circuit even in relatively small amounts," said Matt Hudson, president and CEO.
Completion of the Offering will be subject to all necessary approvals, including the approval of the TSX-V. The Offering included subscriptions from certain insiders of the Company. The issuances of Units to certain insiders, pursuant to the Offering, is considered a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on exemptions from the formal valuation and minority approval requirements in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of these related party transactions on the basis that the fair market value (as determined under MI 61-101) of the transactions do not, in aggregate, exceed
No finders fees were paid in connection with this placement.
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
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212059
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