Interra Copper Announces Closing of Private Placement Financing and Grant of Stock Options
CSE: IMCX WWW.INTERRACOPPERCORP.COM
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FOR DISSEMINATION IN THE UNITED STATES
INTERRA COPPER ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCING AND
GRANT OF STOCK OPTIONS
September 29, 2023, VANCOUVER, British Columbia – Interra Copper Corp. (CSE: IMCX,
FRA: 3MX) (“Interra” or the “ Company”) is pleased to announce that, further to its news
release of September 22, 2023, it has closed the non-brokered private placement with the
issuance of a total of 1,985,000 units (the “Units”) of the Company at a price of $0.20 per Unit
for proceeds of $397,000 (the “Private Placement”).
Each Unit consists of one (1) common share in the capital of the Company (a “ Share”) and
one (1) Share purchase warrant (a “Warrant”), whereby each Warrant is exercisable at $0.25
into an additional Share until September 29, 2026, being the date that is 36 months from the
date of issuance.
Proceeds from the sale of the Units will be used for general working capital purposes and to
commence activities on the Rip Project acquisition. No bonus, finder’s fee, commission or
other compensation has been or will be paid in connection with the Private Placement.
All securities issued in connection with the Private Placement are subject to a statutory four-
month hold period , expiring January 30, 202 4, in accordance with applicable securities
legislation.
The securities described herein have not been 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 absent registration or compliance with an applicable exemption from
the registration requirements of the U.S. Securities Act and applicable state securities laws.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any State in which such offer, solicitation or sale
would be unlawful.
Related Party Participation in the Private Placement
Certain insiders of the Company participated in the Private Placement in the amount of
$22,000. More specifically, Rick Gittleman, Interim Chief Executive Officer and Director of the
Company, purchased 25,000 Units; Director Jason Nickel purchased 50,000 Units; Director
Rich Leveille purchased 25,000 Units; and Director Mike Ciricillo purchased 10,000 Units. The
participation by insiders in the Private Placement constitutes a "related party transaction" as
defined under Multilateral Instrument 61 -101 Protection of Minority Security Holders in
Special Transactions (“ MI 61 -101”). The Company is relying on the exemptions from the
valuation and minority shareholder appr oval requirements of MI 61 -101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61 -101, as neither the fair market value of the Common
Shares purchased by insiders, nor the consideration for the Common Shares paid by such
insiders, exceeded 25% of the Company's market capitalization. The Company did not file a
material change report in respect of the related party transaction at least 21 days before the
closing of the Private Placement, which the Company deems reasonable in the circumstances
as the details of the participation by insiders of the Company were not settled until shortly
prior to closing the Private Placement and the Company wished to complete the Private
Placement in an expeditious manner.
Grant of Stock Options
The Company further announces the grant of an aggregate of 2,400,000 incentive stock
options (the “ Options”) to certain directors, officers and consultants of the Company in
accordance with the terms of the Company’s Equity Incentive Plan. Each Option entitles the
holder thereof to purchase one Share of the Company at an exercise price of $0.2 5 for a
period of five years until September 25, 2028.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Interim CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
Forward Looking Information
This news release contains certain “forward -looking information” and “forward -looking
statements” (collectively “forward -looking statements”) within the meaning of applicable
securities legislation. Forward-looking statements are frequently, but not always , identified
by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”,
“possible”, and similar expressions, or statements that events, conditions, or results “will”,
“may”, “could”, or” should” occur or be achieved. All st atements, other than statements of
historical fact, included herein, without limitation, the use of proceeds from the Private
Placement are forward-looking statements. There can be no assurance that such statements
will prove to be accurate, and actual res ults and future events could differ materially from
those anticipated in such statements. Forward -looking statements reflect the beliefs,
opinions and projections on the date the statements are made and are based upon a
number of assumptions and estimates that, while considered reasonable by Interra, are
inherently subject to significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and unknown, could cause actual
results, performance or achi evements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such forward -
looking statements and the parties have made assumptions and estimates based on or
related to many of these factors. S uch factors include, without limitation, the ability to
complete exploration work, the results of exploration, continued availability of capital, and
changes in general economic, market and business conditions. Readers should not place
undue reliance on th e forward-looking statements and information contained in this news
release concerning these items. Interra does not assume any obligation to update the
forward-looking statements of beliefs, opinions, projections, or other factors, should they
change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents
of this press release, and does not accept responsibility for the adequacy or accuracy of this
release.