Coast Copper Announces Non-Brokered Financing for up to $1.54M
Coast Copper Announces Non-Brokered
Financing for up to $1.54M
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
./
TSX.V: COCO
VANCOUVER, BC
,
Nov. 5, 2021
/CNW/ -
Coast Copper Corp. ("Coast Copper" or the
"Company")
(TSXV: COCO)
(formerly Roughrider Exploration Limited) announces it is undertaking
a non-brokered private placement comprised of up to 8,000,000 flow-through units of the Company
(the "
FT Units
") at an issue price of
$0.13
per FT Unit and up to 5,000,000 non flow-through units of
the Company (the "
NFT Units
") at an issue price of
$0.10
per NFT Unit for gross proceeds of up to
$1,540,000
(the "
Offering
").
Each FT Unit will consist of one common share in the capital of Coast Copper and one-half of one
non-transferable common share purchase warrant, with each whole warrant entitling the holder to
acquire an additional common share of the Company at an exercise price of
$0.15
per share with an
expiry date ("
Expiry Date
") of 18 months after completion of the Offering (the "
Closing Date
"). If, at
any time after the Closing Date, the volume weighted average trading price of Coast Copper's
common shares on the TSX Venture Exchange (the "
Exchange
"), or other principal exchange on
which the common shares are listed, is greater than
$0.225
for 10 consecutive trading days, the
Company may, at its option, deliver a notice to the holders of the warrants accelerating the Expiry
Date to the date that is 30 days following the date of such notice (the "
Accelerated Exercise
Period
"). Concurrent with the giving of such notice, the Company will also issue a press release
disclosing the Accelerated Exercise Period. Any unexercised warrants shall automatically expire at
the end of the Accelerated Exercise Period. Each NFT Unit will consist of one common share in the
capital of the Company and one-half of one non-transferable common share purchase warrant, with
the warrants having the exact same terms as the warrants associated with the FT units.
The gross proceeds raised from the issuance of FT Units will be used by Coast Copper to incur
eligible Canadian exploration expenses ("CEE") that will qualify as FT mining expenditures as such
terms are defined in the Income Tax Act (
Canada
) related to the Company's projects in
British
Columbia
. The Company will renounce such CEE with an effective date of no later than
December
31, 2021
, with CEE to be incurred prior to
December 31, 2022
. The net proceeds from the issuance
of NFT Units will be used for working capital and general corporate purposes.
The Offering remains subject to the approval of the Exchange. All securities issued in the Offering
will be subject to a statutory hold period of four months and a day from the Closing Date. The
Company may pay finders fees in accordance with the rules and policies of the Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the
securities in
the United States
. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "
U.S. Securities Act
") or any state
securities laws and may not be offered or sold within
the United States
or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or an exemption from
such registration is available.
About Coast Copper Corp.
Coast Copper's exploration focus is the optioned Empire Mine Property, located on Northern
Vancouver Island, B.C., which covers three historical open pit mines and two past-producing
underground mines that yielded iron, copper, gold and silver. Coast Copper's other properties
include its 100% owned
Eldorado
, Gin and Bonanza properties located in the Golden Triangle of
northern B.C. which are adjacent to the Red Chris Mine, the Knob Hill NW Property located on
northern Vancouver Island and the 100% owned Sterling, Sandy and Home Brew properties which
are located in central B.C. Coast Copper's management continues to review precious and base
metals opportunities in western
North America
.
On Behalf of the Board of Directors:
"Adam Travis"
Adam Travis
, Chief Executive Officer and Director
Neither 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any
information
regarding the proposed Transaction, private placement, board and management
changes,
as to
our strategy, projects, plans or future financial or operating performance, constitutes
"forward-looking statements." All statements, other than statements of historical fact, are to be
considered forward-looking statements. Forward-looking statements are necessarily based on a
number of estimates and assumptions that, while considered reasonable by Coast Copper, are
inherently subject to significant business, economic, geological and competitive uncertainties and
contingencies. Although Coast Copper believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements are not guarantees of
future performance. Known and unknown factors could cause actual results to differ materially
from those projected in the forward-looking statements. Such factors include but are not limited to:
fluctuations in market prices, exploration and exploitation successes, continued availability of
capital and financing, changes in national and local government legislation, taxation, controls,
regulations, expropriation or nationalization of property and general political, economic, market or
business conditions. Many of these uncertainties and contingencies can affect our actual results
and could cause actual results to differ materially from those expressed or implied in any forward-
looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking
statements are not guarantees of future performance and, therefore, readers are advised to rely on
their own evaluation of such uncertainties. All of the forward-looking statements made in this press
release, or incorporated by reference, are qualified by these cautionary statements. We do not
assume any obligation to update any forward-looking statements.
SOURCE
Coast Copper Corp.
View original content:
http://www.newswire.ca/en/releases/archive/November2021/05/c4300.html
%SEDAR: 00032945E
For further information:
Adam Travis, CEO, Coast Copper Corp, 409 Granville Street, Suite 904,
Vancouver, B.C. V6C 1T2, Canada, P: 877-578-9563, E: [email protected]; NR21-09
CO: Coast Copper Corp.
CNW 08:05e 05-NOV-21