VANCOUVER, British Columbia, June 15, 2021 (GLOBE NEWSWIRE) -- Kutcho Copper Corp. (TSXV: KC) (OTC: KCCFF) (“Kutcho Copper” or the “Company”) announces that it has completed a non-brokered private placement (the “Private Placement”) for gross proceeds of $4,100,000. The Private Placement is comprised of 5,200,000 hard-dollar shares priced at $0.50 per share for gross proceeds $2,600,000 and 2,500,000 flow-through shares priced at $0.60 per share for gross flow-through proceeds of $1,500,000.
“This financing was led with a strategic investor with proceeds targeting continued advancement of the Kutcho copper-zinc project and for additional initiatives the Company is currently pursuing in order to optimize the value of the project,” stated Vince Sorace, President and CEO of Kutcho Copper Corp. “We expect to provide updates with regards to continued developments around the feasibility study in the near future.”
The proceeds from the flow-through shares will be used to incur Canadian exploration expenditures (“CEE”) that qualify as ‘flow-through mining expenditures’ (as such terms are defined in the Income Tax Act (Canada) on the Company’s Kutcho high grade copper-zinc project located in British Columbia.
The Private Placement is subject to the final approval of the TSX Venture Exchange (“TSXV”). All shares issued under the Private Placement bear a hold period of four months and one day from the date of issuance. The Company will pay cash finder’s fees in connection with Private Placement as permitted by applicable securities laws and the rules of the TSXV.
President & CEO, Kutcho Copper Corp.
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 “expect”, “plans”, “pursuing”, “advancement”, “in order to”, 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.