Arizona Sonoran Closes C$2.5 Million Private Placement with Nuton LLC, a Rio Tinto Venture
04 April 2023 - 8:30PM
Business Wire
Arizona Sonoran Copper Company Inc. (TSX:ASCU |
OTCQX:ASCUF) (“ASCU” or the “Company”) an emerging US-based
copper developer and near-term producer, is pleased to announce
that further to its press release dated Feb 16, 2023, it has closed
a non-brokered private placement financing in respect of the
exercise by Nuton LLC (“Nuton”) of its pre-emptive rights under its
Investor Rights Agreement (as defined herein) (the “Private
Placement”).
Pursuant to the terms of the investor rights agreement dated May
13, 2022 and as assigned to Nuton on February 9, 2023 (the
“Investor Rights Agreement”), Nuton elected to exercise its
pre-emptive rights in respect of the Company’s C$30,000,000 bought
deal public offering (see PR dated Feb 16, 2023) to maintain its
7.2% ownership interest in the Company. Accordingly, Nuton
subscribed for 1,229,140 common shares of the Company (the “Common
Shares”) at a price of C$2.00 per Common share for aggregate gross
proceeds to the Company of C$2,458,280.
The Common Shares issued under the Private Placement are subject
to a statutory hold period under applicable Canadian securities
laws expiring on August 1, 2023. The Private Placement is subject
to the final approval of the Toronto Stock Exchange.
Nuton offers a portfolio of proprietary copper leach related
technologies and capability developed by Rio Tinto to deliver
increased copper recovery from primary sulphide material and
leading environmental performance. Nuton is currently column leach
testing samples of mineralized material from the Cactus and
Parks/Salyer Projects, including the primary sulphides.
Neither the Toronto Stock Exchange 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.
Forward-Looking Statements Forward-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. Factors that could affect the outcome
include, among others: 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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version on businesswire.com: https://www.businesswire.com/news/home/20230404005350/en/
For more information Alison Dwoskin, Director, Investor
Relations 647-233-4348 adwoskin@arizonasonoran.com
Adam Hawkins, Local Media and Government Relations 520-689-5022
ahawkins@globalexternal.com
George Ogilvie, President, CEO and Director 416-723-0458
gogilvie@arizonasonoran.com
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