Doré Copper Announces Closing of Final Tranche of Private Placement of Flow-Through Shares FOR Aggregate Gross Proceeds of C$1,450,050
DORÉ COPPER ANNOUNCES CLOSING OF FINAL TRANCHE OF PRIVATE PLACEMENT OF
FLOW-THROUGH SHARES FOR AGGREGATE GROSS PROCEEDS OF C$1,450,050
Not for distribution to United States news wire services or for dissemination in the United States
(Toronto, Ontario – December 30, 2019) Doré Copper Mining Corp. (the "Corporation" or "Doré Copper")
(TSX-V:DCMC) is pleased to announce that it has closed the final tranche of its previously announced "best
efforts" brokered private placement (the "Offering"), pursuant to which the Corporation sold an aggregate
of 883,485 common shares in the capital of the Corporation that will qualify as "flow-through shares" within
the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in relation to common shares issued
to residents in Qué bec, section 3 59.1 of the Taxation Act (Québec) (collectively, the "Flow-Through
Shares"), for aggregate gross proceeds of C$1,450,050.25. The Flow-Through Shares were issued in two
tranches with the f irst tranche consisting of 848,485 Flow-Through Shares issued to residents of Qué bec
at a price of C$1.65 per Flow -Through Share for aggregate gross proceeds of C$1,400,000.25 and the
second tranche consisting of 35,000 Flow-Through Shares issued to residents outside of Québec at a price
of C$1.43 per Flow-Through Share for aggregate gross proceeds of C $50,050. The total aggregate gross
proceeds raised under the Offering was C$4,471,123.25.
Canaccord Genuity Corp. acted as agent (the "Agent") in connection with the Offering pursuant to the terms
of an agency agreement dated December 23, 2019. In consideration for its services in connection with the
closing of the final tranche of the Offering, the Corporation paid the Agent a cash commission equal to 7%
of the aggregate gross proceeds from the sale of Flow -Through Shares, and a reduced cash commission
equal to 4.2 5% of the aggregate gross proceeds from the sale of Flow -Through Shares to certain
purchasers. As additional consideration for its services in connection with the closing of the final tranche of
the Offering, the Corporation issued the Agent non-transferable broker warrants of the Corporation ("Broker
Warrants") equal to 7% of the aggregate number of Flow-Through Shares issued. Each Broker Warrant is
exercisable to acquire one common share in the capital of the Corporation at an exercise price of C $1.43
per share until December 30, 2021.
The Corporation will use an amount equal to the gross proceeds received by the Corporation from the sale
of the Flow-Through Shares, pursuant to the provisions in the Income Tax Act (Canada) and the Taxation
Act (Québec), to incur eligible "Canadian exploration expenses " that qualify as " flow-through mining
expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures")
on or before December 31, 2020, and will renounce all of the Qualifying Expenditures in favour of the
purchasers of the Flow-Through Shares effective December 31, 2019. In addition, with respect to Québec
resident purchasers of the Flow -Through Shares who are eligible individuals under the Taxation Act
(Québec), the Canadian exploration expenses will also qualify for inclusion in the "exploration base relating
to certain Québec exploration expenses " within the meaning of section 726.4.10 of the Taxation Act
(Québec) and for inclusion in the "exploration base relating to certain Québec surface mining expenses or
oil and gas exploration expenses" within the meaning of section 726.4.17.2 of the Taxation Act (Québec).
The Offering was made by way of private placement in each of the provinces of Canada pursuant to
applicable exemptions from the prospectus requirements under applicable Canadian securities laws . The
securities issued in connection with the closing of the final tranche of the Offering are subject to a hold
period under applicable Canadian securities laws which will expire on May 1, 2020. The Offering is subject
to final acceptance of the TSX Venture Exchange.
The securities offered have not been registered under the United States Securities Act of 1933, as
amended, or any state securities law, and may not be offered or sold in the United States absent registration
or an exemption from such registration requirements. This news release shall not constitute an offer to sell
or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any
State in which such offer, solicitation or sale would be unlawful.
About Doré Copper Mining Corp.
Doré Copper is engaged in the acquisition, exploration and evaluation of mineral properties.
Doré Copper completed a qualif ying transaction on December 13, 2019 establishing itself as a copper –
gold explorer and developer in the Chibougamau area of Québec, Canada.
Doré Copper, through its wholly -owned subsidiary CBAY Minerals Inc., holds a 100% interest in the
exploration-stage Corner Bay Project and the exploration- stage Cedar Bay Project, both located in the
vicinity of Chibougamau, Québec. The Corner Bay Project has an indicated resource of 1.35 Mt at average
grades of 3.01% Cu and 0.29 g/t Au, containing 89.8 Mlb of copper and 13,000 ounces of gold, and an
inferred resource of 1.66 Mt at average grades of 3.84% Cu and 0.27 g/t Au, containing 140.3 Mlb of copper
and 15,000 ounces of gold, assuming a cut-off grade of 1.5% Cu and a copper price of US$3.25 per pound.
The Cedar Bay Project has an indicated resource of 130 kt at average grades of 9.44 g/t Au and 1.55% Cu,
containing 39,000 ounces of gold and 4.4 Mlb of copper, and an inferred resource of 230 kt at average
grades of 8.32 g/t Au and 2.13% Cu, containing 61,000 ounces of gold and 10.8 Mlb of copper, assuming
a cut-off grade of 2.9 g/t Au and a gold price of US$1,400 per ounce. Doré Copper's drill program has been
successful at expanding the resources at the Corner Bay Project and confirming three high grade veins at
the shaft bottom depth at the Cedar Bay Project. Both deposits are open along strike and down dip. Both
the Corner Bay Project and the Cedar Bay Project are accessible by road and are approximately 20 km
apart. Mineralization from both the Corner Bay Project and the Cedar Bay Project would be treated at Doré
Copper's Copper Rand concentrator located 8 km south west of Chibougamau, Qué bec. For further
information, please see the technical report entitled "Technical Report on the Corner Bay and Cedar Bay
Projects, Northwest Québec, Canada" dated June 15, 2019, prepared by Luke Evans, M.Sc., P.Eng., which
is available under Doré Copper's profile on SEDAR at www.sedar.com.
Andrey Rinta, P.Geo., the Exploration Manager of the Corporation and a " Qualified Person" within the
meaning of National Instrument 43-101, has reviewed and approved the technical information contained in
this news release.
For further information, please contact:
Ernest Mast
President and Chief Executive Officer
Phone: (647) 921-0501
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain " forward-looking statements " under applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to, statements with respect to the use
of proceeds of the Offering, the ti ming and ability of the Corporation to receive final acceptance of the
Offering from the TSX Venture Exchange, and the plans, operations and prospects of the Corporation.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may
cause the actual results and future events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not limited to: general business, economic,
competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of
gold and copper; and the results of current exploration. There can be no assurance that such statements
will prove to be accurate, as actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on forward- looking statements.
The Corporation disclaims any intention or obligation to update or revise any forward- looking statements,
whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provi der (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
news release.