10:08:18 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Infinitum Copper Corp
Symbol INFI
Shares Issued 40,835,980
Close 2022-07-18 C$ 0.20
Market Cap C$ 8,167,196
Recent Sedar Documents

Inifinitum Copper closes $1.03M private placement

2022-07-20 11:12 ET - News Release

Mr. Steve Robertson reports

INFINITUM COPPER CLOSES PRIVATE PLACEMENT

Infinitum Copper Corp. has closed its previously announced non-brokered private placement financing. The private placement has been oversubscribed with a total of 5,180,175 units at a price of 20 cents per unit, for gross proceeds of $1,036,035. Each unit consists of one common share of the company and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a period of two years from closing at a price of 45 cents.

Steve Robertson, president and chief executive officer of Infinitum, stated: "We are very pleased to see the support and commitment from investors during challenging market conditions. Our exploration crew is having a stellar season with many notable achievements at La Adelita this year, including three significant new discoveries with impressive grades. This funding will also allow us to continue to advance the Hot Breccia project in Arizona in preparation for fieldwork in the fall and enable us to continue building a premier copper explorer."

Proceeds from the offering will be used to fund exploration at La Adelita project in Sonora State, Mexico, and the Hot Breccia project in Arizona state, United States, and for general corporate purposes.

The securities issued in connection with the offering, including any common shares issued upon exercise of the warrants and compensation warrants, are subject to a four-month restricted resale period that expires on Nov. 20, 2022, and applicable securities legislation hold periods outside of Canada from the closing date.

Completion of the offering will be subject to all necessary approvals, including the approval of the TSX Venture Exchange.

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. 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 per cent 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 TSX Venture Exchange approval. The finders' fee consists of cash fee in the aggregate of $37,100, which represents 7 per cent of the units sold to investors introduced by such finder, and an aggregate of 185,500 non-transferable share purchase warrants which represents 7 per cent of such units sold to investors. Each compensation warrant entitles the holder to purchase of one common share for a period of two years from closing at a price of 20 cents.

About Infinitum Copper Corp.

Backed by a strong team of industry veterans, Infinitum Copper is advancing La Adelita project, where the company has an option to earn an 80-per-cent interest. The high-grade copper-silver-gold La Adelita project is located in Sonora and Sinaloa states in Mexico and is subject to a 2 per cent net smelter returns royalty. La Adelita is a carbonate replacement deposit located in a mineralized district with a rich history. Infinitum Copper also has an option to earn 100-per-cent interest in the Hot Breccia project in the heart of the Arizona copper belt about 90 kilometres north of Tucson, Ariz. The Hot Breccia project is prospective for porphyry copper and copper skarn mineralization.

We seek Safe Harbor.

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