Vizsla Copper Closes Non-Brokered Private Placement FOR Gross Proceeds of $2.5M and Provides Updates
VIZSLA COPPER CLOSES NON-BROKERED
PRIVATE PLACEMENT FOR GROSS
PROCEEDS OF $2.5M AND PROVIDES
UPDATES
/NOT FOR DISSEMINATION IN OR INTO
THE UNITED STATES
OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES./
VANCOUVER, BC
,
April 11, 2024
/CNW/ - Vizsla Copper Corp. (TSXV: VCU) (OTCQB: VCUFF)
(
FRANKFURT
: 97E0) ("
Vizsla Copper
" or the "
Company
") is pleased to announce that it has closed
its non-brokered private placement (the "
Private Placement
"), previously announced on
March 5,
2024
and
March 18, 2024
, issuing 38,460,995 units (the "
Units
") at a price of
$0.065
per Unit for
gross proceeds of
CAD$2,499,962.08
.
Each Unit consists of one common share of the Company (each, a "
Common Share
") and one
common share purchase warrant (each, a "
Warrant
"). Each Warrant will entitle the holder thereof to
acquire one additional Common Share (a "
Warrant Share
") at a price of
$0.12
per Warrant Share
until the date which is 36 months from
April 11, 2024
.
The net proceeds of the Offering will be used for further exploration and general working capital
purposes.
In connection with the Offering, the Company paid the finders fees of
$50,483
cash and issued
776,654 finders warrants of the Company (the "
Finders Warrants
"). Each Finders Warrant entitles
the finder to purchase one Common Share (a "
Finder Warrant Share
") at a price of
$0.12
per
Finder Warrant until the date which is 36 months from
April 11, 2024
.
The securities issued in connection with the Private Placement are subject to a four-month and one-
day hold period under applicable Canadian securities laws. Closing of the Private Placement is
subject to final approval of the TSX Venture Exchange.
Directors and officers of the Company subscribed for an aggregate of 3,504,538 Units for gross
proceeds of
$227,794.97
under the Private Placement. Participation by insiders of the Company 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 issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-
101 pursuant to Subsection 5.5(b) of MI 61-101 as the common shares of the Company are listed
on the TSX-V. The issuance of securities is also exempt from the minority approval requirements of
Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101 as the fair market value
was less than
$2,500,000
.
The securities described herein 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
accordingly, may not be offered or sold within
the United States
except in compliance with the
registration requirements of the U.S. Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a
solicitation to buy any securities in any jurisdiction.
Carruthers Pass Update
The Company has terminated the Carruthers Pass Option Agreement with Cariboo Rose Resources,
resulting in Cariboo Rose retaining 100% of the project. While the exploration potential for
volcanogenic massive sulphide base metal deposits on the project remains high, it is not core to
Vizsla Copper's current strategy of exploration and development of porphyry-related copper-gold
deposits.
Copper Pit Acquisition Update
The Company has received approval from the TSX Venture Exchange for the Purchase Agreement
entered into with
Michael Langille
(the "
Vendor
"), previously announced on
February 21
,
2024. Vizsla Copper has issued 100,000 common shares (the "
Consideration Shares
") to purchase
two mineral claims totalling 59.5 ha, free and clear of any encumbrances. The Consideration Shares
will be subject to a four-month hold period pursuant to applicable Canadian securities laws, after
which 25% of the Consideration Shares will become free trading. In addition, the Vendor has agreed
to voluntary resale restrictions whereby an additional 25% of the Consideration Shares will become
free trading every four months thereafter.
About Vizsla Copper
Vizsla Copper is a Cu-Au-Mo focused mineral exploration and development company headquartered
in
Vancouver, Canada
. The Company is primarily focused on its flagship Woodjam project, located
within the prolific Quesnel Terrane, 55 kilometers east of the community of
Williams Lake, British
Columbia
. It has three additional copper exploration properties: Copperview, Trailbreaker and
Redgold, all well situated amongst significant infrastructure in
British Columbia
. The Company's
growth strategy is focused on the exploration and development of its copper properties within its
portfolio in addition to value accretive acquisitions. Vizsla Copper's vision is to be a responsible
copper explorer and developer in the stable mining jurisdiction of
British Columbia, Canada
and it is
committed to socially responsible exploration and development, working safely, ethically and with
integrity.
Vizsla Copper is a spin-out of Vizsla Silver Corp. and is backed by Inventa Capital Corp., a premier
investment group founded in 2017 with the goal of discovering and funding opportunities in the
resource sector. Additional information about the Company is available on SEDAR+ (
www.sedarplus.ca
) and the Company's website (
www.vizslacopper.com
).
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been
reviewed and approved by
Ian Borg
, P.Geo., Senior Geologist for Vizsla Copper. Mr. Borg is a
Qualified Person as defined under the terms of National Instrument 43-101.
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.
FORWARD LOOKING STATEMENTS
The information contained herein contains "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and "forward-looking information"
within the meaning of applicable Canadian securities legislation. "Forward-looking information"
includes, but is not limited to, statements with respect to the activities, events or developments that
the Company expects or anticipates will or may occur in the future, including, without limitation,
planned exploration activities. Generally, but not always, forward-looking information and statements
can be identified by the use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative
connotation thereof or variations of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative
connotation thereof. Forward-looking statements in this news release include, among others,
statements relating to: obtaining the required regulatory approvals for the Offering; ; the intended
use of proceeds of the Offering; the Company's growth and business strategies; and the exploration
and development of the Company's properties.
Such forward-looking information and statements are based on numerous assumptions, including
among others, that the results of planned exploration activities are as anticipated, the anticipated
cost of planned exploration activities, that general business and economic conditions will not change
in a material adverse manner, that financing will be available if and when needed and on reasonable
terms, that third party contractors, equipment and supplies and governmental and other approvals
required to conduct the Company's planned exploration activities will be available on reasonable
terms and in a timely manner. Although the assumptions made by the Company in providing forward-
looking information or making forward-looking statements are considered reasonable by
management at the time, there can be no assurance that such assumptions will prove to be
accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties
and other factors, which may cause actual events or results in future periods to differ materially from
any projections of future events or results expressed or implied by such forward-looking information
or statements, including, among others: negative operating cash flow and dependence on third party
financing, uncertainty of additional financing, no known mineral reserves or resources, the limited
operating history of the Company, the influence of a large shareholder, aboriginal title and
consultation issues, reliance on key management and other personnel, actual results of exploration
activities being different than anticipated, changes in exploration programs based upon results,
availability of third party contractors, availability of equipment and supplies, failure of equipment to
operate as anticipated; accidents, effects of weather and other natural phenomena and other risks
associated with the mineral exploration industry, environmental risks, changes in laws and
regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to
differ materially from those contained in the forward-looking information or implied by forward-
looking information, there may be other factors that cause results not to be as anticipated, estimated
or intended. There can be no assurance that forward-looking information and statements will prove
to be accurate, as actual results and future events could differ materially from those anticipated,
estimated or intended. Accordingly, readers should not place undue reliance on forward-looking
statements or information. The Company undertakes no obligation to update or reissue forward-
looking information as a result of new information or events except as required by applicable
securities laws.
SOURCE
Vizsla Copper Corp.
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For further information:
For more information and to sign-up to the mailing list, please contact:
Craig Parry, Executive Chairman, Tel: (604) 364-2215 | Email: [email protected]
CO: Vizsla Copper Corp.
CNW 16:30e 11-APR-24