Alta Copper Announces Closing of Non-Brokered Financing
Rhea-AI Summary
Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) has closed a non-brokered private placement with Nascent Exploration Pty. , a subsidiary of Fortescue The company issued 4,629,630 common shares at Cdn$0.54 per share, raising gross proceeds of Cdn$2,500,000. The shares are subject to a four-month and one day hold period.
CEO Giulio T. Bonifacio stated that the proceeds will provide working capital to advance the drill permit application and continue community engagement for their 100% owned Cañariaco copper project in Peru. The financing was priced above market close, avoiding discounts and minimizing dilution. The project comprises 97 square kms of land, including the Cañariaco Norte deposit, Cañariaco Sur deposit, and Quebrada Verde prospect.
Positive
- Raised Cdn$2,500,000 in gross proceeds through private placement
- Financing priced above market close, avoiding discounts and minimizing dilution
- Proceeds to advance drill permit application and community engagement
- 100% ownership of the advanced-stage Cañariaco copper project
Negative
- Dilution of existing shareholders due to issuance of new common shares
- Final approval from Toronto Stock Exchange still pending
News Market Reaction – ATCUF
In the trading session that priced this news, ATCUF gained 0.07%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC / ACCESSWIRE / September 16, 2024 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) ("Alta Copper" or the "Company") is pleased to announce the closing of the previously announced non-brokered private placement with Nascent Exploration Pty. Ltd., a wholly owned subsidiary of Fortescue Ltd. (the "Private Placement").
A total of 4,629,630 common shares (the "Common Shares") were issued at a price of Cdn
Giulio T. Bonifacio, Executive Chair and CEO, commented: "The proceeds of the Private Placement will now provide the required working capital to advance our drill permit application, which is progressing on target, and to continue to advance our community engagement and social license. This financing which was priced at above our market close was superior to other financing options available which would have been priced at a discount to the market inclusive of warrants and fees while minimizing dilution. The current financing will now set the stage for the next phase in the development of our
The Private Placement remains subject to the final approval of the Toronto Stock Exchange.
About Alta Copper
Alta Copper is focused on the development of its
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements with respect to the of the Private Placement, the use of proceeds for the Private Placement, the insider participation in the Private Placement and the business plans of the Company, including the drill program. These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others: the state of the equity financing markets in Canada and other jurisdictions; the receipt of regulatory approvals; fluctuations in metals prices, the actual results of current development activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; accidents, labour disputes and other risks of the mining industry; and delays in obtaining approvals or financing. 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 in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
On behalf of the Board of Alta Copper Corp.
"Giulio T. Bonifacio" Executive Chair, CEO and Director
For further information please contact:
Giulio T. Bonifacio
gtbonifacio@altacopper.com
+1 604 318 6760
Email: info@altacopper.com
Website: www.altacopper.com
Twitter: https://twitter.com/Alta_Copper
LinkedIn: https://www.linkedin.com/company/altacopper/
Facebook: https://www.facebook.com/AltaCopperCorp
Instagram: https://www.instagram.com/altacopper/
YouTube: https://www.youtube.com/@AltaCopper
SOURCE: Alta Copper Corp.
View the original press release on accesswire.com