Kutcho Copper Announces Closing of Private Placement for Gross Proceeds of $2.2 Million
25 September 2020 - 3:34AM
Kutcho Copper Corp. (TSXV: KC) (OTC:
KCCFF) (“
Kutcho Copper”
or the “
Company”) is pleased to announce that it
has closed its previously announced non-brokered private placement
(the “
Private Placement”) of 11,000,000 units
(each, a “
Unit”) at a price of $0.20 per Unit for
total gross proceeds of C$2,200,000.
Each Unit is comprised of one common share (a
“Share”) of the Company and one-half of one
transferable common share purchase warrant (each whole being a
“Warrant”). Each Warrant entitles the holder
thereof to acquire one Share at a price of $0.30 for a period of
two years from the closing of the Private Placement (the
“Expiry Date”). All securities issued under the
Private Placement are subject to a hold period of four months and
one day expiring on January 24, 2021.
In connection with the closing of the Private
Placement, the Company paid finder’s fees of $85,155 and issued
425,775 non-transferable finder’s warrants (each, a
“Finder’s Warrant”) to certain brokers in
accordance with applicable securities laws. Each Finder’s Warrant
entitles the holder to purchase one Share at a price of $0.30 per
Share until the Expiry Date.
Proceeds of the Private Placement will be used
to commence the Company’s feasibility study on the Kutcho Copper
project and for general corporate and working capital purposes.
Vince SoracePresident & CEO, Kutcho Copper
Corp.
For further information regarding Kutcho Copper
Corp., please email info@kutcho.ca or visit our website at
www.kutcho.ca.
Cautionary Note Regarding Forward-Looking
Statements
Neither the 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.
This news release contains certain statements
that may be deemed “forward-looking statements” with respect to the
Company within the meaning of applicable securities laws.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
“expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or
that events or conditions “will”, “would”, “may”, “could” or
“should” occur. Although Kutcho Copper believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance, are subject to risks and uncertainties, and
actual results or realities may differ materially from those in the
forward-looking statements. Such material risks and uncertainties
include, but are not limited to, the Company’s ability to raise
sufficient capital to fund its obligations under its property
agreements going forward, to maintain its mineral tenures and
concessions in good standing, to explore and develop the Kutcho
project or its other projects, to repay its debt and for general
working capital purposes; changes in economic conditions or
financial markets; the inherent hazards associates with mineral
exploration and mining operations, future prices of copper and
other metals, changes in general economic conditions, accuracy of
mineral resource and reserve estimates, the ability of the Company
to obtain the necessary permits and consents required to explore,
drill and develop the Kutcho project and if obtained, to obtain
such permits and consents in a timely fashion relative to the
Company’s plans and business objectives for the projects; the
general ability of the Company to monetize its mineral resources;
and changes in environmental and other laws or regulations that
could have an impact on the Company’s operations, compliance with
environmental laws and regulations, aboriginal title claims and
rights to consultation and accommodation, dependence on key
management personnel and general competition in the mining
industry. Forward-looking statements are based on the reasonable
beliefs, estimates and opinions of the Company’s management on the
date the statements are made. Except as required by law, the
Company undertakes no obligation to update these forward-looking
statements in the event that management’s beliefs, estimates or
opinions, or other factors, should change.
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