Arizona Sonoran Announces C$30,000,000 Bought Deal Financing
25 January 2023 - 11:29PM
Arizona Sonoran Copper Company Inc. (TSX:ASCU |
OTCQX:ASCUF) (“ASCU” or the “Company”) is pleased to
announce that it has entered into an agreement with Haywood
Securities Inc. (“Haywood”) to act as lead underwriter and sole
bookrunner, on its own behalf and on behalf of a syndicate of
underwriters (together with Haywood, the “Underwriters”), pursuant
to which the Underwriters have agreed to purchase, on a bought deal
basis, 15,000,000 common shares in the capital of the Company (the
“Common Shares”) at a price of C$2.00 per Common Share (the “Issue
Price”) for gross proceeds to the Company of C$30,000,000 (the
“Offering”).
In addition, the Company has agreed to grant to the Underwriters
an option to purchase up to an additional 15% of the number of
Common Shares sold under the Offering at a price per Common Share
equal to the Issue Price, on the same terms and conditions as the
Offering, exercisable at any time, in whole or in part, until the
date that is 30 days following the closing of the Offering.
The net proceeds from the Offering will be used for exploration
and development at the Company’s Cactus Mine Project located in
Arizona, and for general working capital and corporate
purposes.
The Common Shares will be offered by way of a short form
prospectus to be filed in all provinces of Canada (other than
Quebec). The Common Shares will also be sold to U.S. buyers on a
private placement basis pursuant to an exemption from the
registration requirements of the United States Securities Act of
1933, as amended (the “U.S. Securities Act”), and other
jurisdictions outside of Canada provided that no prospectus filing
or comparable obligation arises.
The Offering is scheduled to close on or about February 16, 2023
and is subject to certain conditions including, but not limited to,
the receipt of all necessary regulatory and other approvals
including the approval of the Toronto Stock Exchange and the
securities regulatory authorities.
The securities offered in the Offering 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, United States
persons absent registration or any applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
Neither the TSX nor the regulating authority has approved or
disproved the information contained in this press release.
About Arizona Sonoran Copper Company
(www.arizonasonoran.com |
www.cactusmine.com)ASCU’s objective is to become a
mid-tier copper producer with low operating costs and to develop
the Cactus and Parks/Salyer Projects that could generate robust
returns for investors and provide a long term sustainable and
responsible operation for the community and all stakeholders. The
Company's principal asset is a 100% interest in the Cactus Project
(former ASARCO, Sacaton mine) which is situated on private land in
an infrastructure-rich area of Arizona. Contiguous to the Cactus
Project is the Company’s 100%-owned Parks/Salyer deposit that could
allow for a phased expansion of the Cactus Mine once it becomes a
producing asset. The Company is led by an executive management team
and Board which have a long-standing track record of successful
project delivery in North America complemented by global capital
markets expertise.
For more informationAlison
Dwoskin, Director, Investor
Relations647-233-4348adwoskin@arizonasonoran.com
George Ogilvie, President, CEO and
Director416-723-0458gogilvie@arizonasonoran.com
Forward-Looking StatementsForward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of ASCU to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements, including forward looking statements in
this news release regarding the timing and completion of the
Offering, the receipt of necessary stock exchange and securities
regulatory authority approvals for the Offering, the use of
proceeds of the Offering and future plans of the Company. Factors
that could affect the outcome include, among others: timing of
review by the stock exchange and securities regulatory authorities,
ability to satisfy other conditions to closing of the Offering,
management’s discretion regarding the use of proceeds of the
Offering, future prices and the supply of metals; the results of
drilling; inability to raise the money necessary to incur the
expenditures required to retain and advance the properties;
environmental liabilities (known and unknown); general business,
economic, competitive, political and social uncertainties; results
of exploration programs; accidents, labour disputes and other risks
of the mining industry; political instability, terrorism,
insurrection or war; or delays in obtaining governmental approvals,
projected cash operating costs, failure to obtain regulatory or
shareholder approvals.
Although ASCU has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and ASCU disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable securities laws.
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