The private placement tranche was completed with a total of 23,850,131 units (the 'Units') at a price of
The company is very pleased with the response to this capital raising with strong support coming from new shareholders. WE were delighted with our phase 1 drilling last year which produced multiple high-grade intercepts at Cerro Grande Including 3.71% Cu over 20.6m (true width) in hole 27. The Sangre del Toro area is now drill ready where substantial mineralization has been identified at surface with some great trenching results including 9.15m @ 16.45g/t Au and 1.9% Cu. Our friends at
Preparations have begun for commencement of drilling in the next fortnight. Construction of access tracks to drill pads where required will commence Monday 1st May. The exploration camp is also being cleaned and stocked in order to accommodate the drill team. The drill rig is expected to arrive on site early next week with drilling expected to commence during the week beginning Monday 8th May. A detailed description of the drill program and its objectives will be released to the market prior to commencement of drilling.
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 25% of the market value of the Company.
A finder's fee was paid in connection with the placement to finders as determined by mutual agreement between the Company and the finders and subject to
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Email: matt@infinitumcopper.com
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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
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