Infinitum Copper Closes Oversubscribed $CAD1,669,509 Placement and Prepares to Recommence Drilling
Infinitum Copper Closes Oversubscribed $CAD1,669,509 Placement
and Prepares to Recommence Drilling
VANCOUVER, BC / ACCESSWIRE / April 28, 2023 / Infinitum Copper Corp.
(TSXV:INFI)(OTCQB:INUMF) ("Infinitum Copper" or the "Company") announces that it has
closed the first tranche of its previously announced non-brokered private placement financing.
The private placement tranche was completed with a total of 23,850,131 units (the "Units") at a
price of $0.07 per Unit, for gross proceeds of $1,669,509.17 (the "Offering"). Each Unit consists
of one common share of the Company (each, a "Common Share") and Common Share purchase
warrant of the Company. Each purchase warrant (each, a "Warrant") entitles the holder to
purchase one additional Common Share for a period of two (2) years from closing at a price of
$0.14.
"The company is very pleased with the response to this capital raising with strong support
coming from new shareholders. WE were delighted with our phase 1 drilling last year which
produced multiple high-grade intercepts at Cerro Grande Including 3.71% Cu over 20.6m (true
width) in hole 27. The Sangre del Toro area is now drill ready where substantial mineralization
has been identified at surface with some great trenching results including 9.15m @ 16.45g/t Au
and 1.9% Cu. Our friends at Oroco Resource Corp (OCO.V) own the nearby Santo Thomas
project and have a $CAD175,000,000 market cap. We are 50km from Piedra Verdes which is
Mexico's third largest copper producer who are always interested in our progress as they see us
as a potential future source of ore. We have a world class technical team led by Peter Megaw.
When you consider what La Adelita has going for it I'm not surprised we were oversubscribed"
stated Matt Hudson, president and CEO. "Now that the financing is closed we can get on with
the drilling of these exciting targets.
Preparations have begun for commencement of drilling in the next fortnight. Construction of
access tracks to drill pads where required will commence Monday 1st May. The exploration
camp is also being cleaned and stocked in order to accommodate the drill team. The drill rig is
expected to arrive on site early next week with drilling expected to commence during the week
beginning Monday 8th May. A detailed description of the drill program and its objectives will be
released to the market prior to commencement of drilling.
Completion of the Offering will be subject to all necessary approvals, including the approval of
the TSX-V. 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 ("MI 61-101"). 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% 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 ("TSX-
V") approval. The finders' fee consists of cash fee in the aggregate of $84,481.94, which
represents five percent (5.0%) of the Units sold to investors introduced by such finder, and an
aggregate of 1,206,883 non-transferable share purchase warrants ("Compensation Warrants")
which represents five percent (5.0%) of such Units sold to investors. Each Compensation
Warrant entitles the holder to purchase of one Common Share for a period of two (2) years from
closing at a price of $0.14.
On Behalf of the Board of Directors of
INFINITUM COPPER CORP.
Matt Hudson
Chief Executive Officer
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.
About Infinitum Copper
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% interest. The high-grade copper-silver-gold La
Adelita Project is located in Sonora and Sinaloa states in Mexico. La Adelita is a Carbonate
Replacement Deposit located in a mineralized district with a rich history. Infinitum Copper also
has an option to earn 25% interest in the Hot Breccia project in the heart of the Arizona Copper
Belt about 90km north of Tucson, AZ. The Hot Breccia project is prospective for porphyry
copper and copper skarn mineralization.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of Canadian
securities legislation. The forward-looking information contained in this press release represents
the expectations of the Company as of the date of this press release and, accordingly, is subject
to change after such date. Forward-looking information is based on, among other things,
opinions, assumptions, estimates and analyses that, while considered reasonable by the Company
at the date the forward-looking information is provided, are inherently subject to significant
risks, uncertainties, contingencies and other factors that may cause actual results and events to be
materially different from those expressed or implied by the forward-looking information. The
risks, uncertainties, contingencies and other factors that may cause actual results to differ
materially from those expressed or implied by the forward-looking information may include, but
are not limited to, risks generally associated with the Company's business, as described in the
Company's Filing Statement dated February 11, 2022. Readers should not place undue
importance on forward-looking information and should not rely upon this information as of any
other date. While the Company may elect to, it does not undertake to update this information at
any particular time except as required in accordance with applicable laws.
SOURCE: Infinitum Copper