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VANCOUVER, BC / ACCESSWIRE / March 15, 2023 / Infinitum Copper Corp. (TSXV:INFI)(OTCQB:INUMF) ("Infinitum" or the "Company") is pleased to announce a private placement to raise gross proceeds of up to C$1,500,000 through the issue of up to 21,428,571 units of the Company (the "Units") at a price of C$0.07 per Unit (the "Offering").
Each Unit will be comprised of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant" and together with the Common Share, the "Offered Securities"), with each Warrant entitling the holder thereof to purchase one additional Common Share at a price of C$0.14 per Common Share for a period of 24 months following the closing date of the Offering. The Offered Securities will not be subject to a hold period under Canadian Securities Laws.
The Company intends to use the net proceeds of the Offering for ongoing exploration and drilling at the Company's La Adelita project and for general corporate purposes.
"We are looking forward to resuming drilling at La Adelita. Our 2022 exploration program produced multiple high-grade intercepts which show the deposit is open to the north and at depth. By applying Peter Megaw's CRD district scale approach to our 6,500 hectare property 2022 surface work identified several new mineralised zones away from the known mineralised area. One trench produced 16.45g/t gold and 1.9% Cu over 9.5m which is one of the many targets we are excited to test. I am confident that 2023 year will be a transformational year for Infinitum" commented Matt Hudson, CEO.
The closing date of the Offering is expected to occur on or about March 31, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval from the TSX Venture Exchange.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units will be offered for sale to purchasers resident in Canada, except Quebec, and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). Because the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the securities issued in the Offering will not be subject to a hold period pursuant to applicable Canadian Securities laws.
There is an offering document relating to the Offering that can be accessed under the Company's profile at www.sedar.com and on the Company's website at https://infinitumcopper.com/. Prospective investors should read this offering document before making an investment decision. In the interests of clarity this Offering supersedes all previously announced capital raisings that have not already completed.