Western Metallica Announces Private Placement of up to C$1 Million to Advance Peruvian Copper Project
WESTERN METALLICA ANNOUNCES PRIVATE PLACEMENT OF UP TO
C$1 MILLION TO ADVANCE PERUVIAN COPPER PROJECT
Not for distribution to United States newswire services or for dissemination in the United States
TORONTO, ONTARIO – October 16, 2024 – Western Metallica Resources Corp. (TSXV: WMS)
(“Western Metallica” or the “ Company”) is pleased to announce that it will undertake a non-
brokered private placement of 33,333,333 units of the Company (the " Units") at a price
of $0.03 per Unit (the " Offering Price") for aggregate gross proceeds of up to C$1 million (the
"Offering"). The net proceeds of this Offering are intended to support the Company’s upcoming
drill program at its Luz Maria porphyry prospect and other exploration work at its Caña Brava 1
porphyry prospect, both located within the Company’s 100%-owned Caña Brava Copper Project
in the La Libertad Department of Northern Peru and for working capital purposes. Each Unit shall
consist of one common share (a "Common Share") and one common share purchase warrant (a
"Warrant") of the Company.
Each Warrant shall entitle the holder to acquire one additional Common Share at an exercise
price of $0.06 until the earlier of: (i ) the date that is two (2) years from the date of issuance, and
(ii) within twenty (20) days of the Company providing such holder with written notice accelerating
the Warrant expiry date, provided that that the daily volume weighted average price (or closing
bid price on days when there are no trades) of the Common Shares on the TSX Venture Exchange
(the “Exchange”) is at least $0.10 for a minimum of twenty (20) consecutive trading days prior to
such written notice from the Company being provided.
The Offering is scheduled to close on or about October 30, 2024 (the "Closing Date"), and is
subject to certain conditions including, but not limited to, the receipt of all necessary regulatory
and other approvals including the approval of the TSX Venture Exchange. The Common Shares,
including those underlying the Warrants, to be issued under the Offering will be subject to a hold
period in Canada expiring four months and one day from the closing date of the Offering. It is
anticipated that certain officers and directors of the Company will participate in the Offering. The
Company may pay commissions to qualified finders in Canada in connection with the Offering, in
accordance with TSX-V policies.
Background
Western Metallica holds the option to acquire 100% of the mineral claims, rights, and interests in
Caña Brava, a Cu -Mo project located in Northern Peru ( refer to press release dated August 10,
2023). The project lies within the under-explored Northern sector of the Cu-Mo metallogenic belt of
Eocene age that hosts, to the South, world class deposits such as Las Bambas (MMG),
Cotabambas (Panoro Minerals Ltd.), Constancia (Hudbay Minerals Inc.), Antapacay (Glencore)
and discoveries such as Elida (Element 29 Resources), the first porphyry deposit of this age
discovered in North Peru. The Company´s Caña Brava Project is well located in close proximity to
industrial ports, major paved roads and is comprised of large , contiguous mineral concessions
conducive to future project scalability.
The Caña Brava Project is a highly prospective 5,700-hectare package of concessions located 30
kilometres from the Peruvian coast, at an elevation of 1,500 metres in the Western Cordillera of the
Peruvian Andes. The Caña Brava Project is neighboring Hudbay’s Llaguen Cu -Mo Project which
lies on the Western margin of the Miocene epithermal-porphyry copper-gold belt of Northern Peru,
with the potential for Caña Brava to similarly host shallow high -grade mineralization across a
considerable alteration footprint . Western Metallica recently announced the launch of a first drill
program at its Luz Maria copper-molybdenum porphyry prospect after having received its permit to
drill from 19 platforms (refer to press release dated July 15, 2024 ). Luz Maria is a well-preserved
porphyry system and priority drill target at the Caña Brava Project, where exploration work to date
has successfully defined a prominent 3.0-kilometre by 1.5-kilometre phyllic and potassic alteration
footprint, comparable in size to other major Peruvian porphyry deposits, and featuring multiple
mineralized intrusion events (refer to press release dated September 24, 2024).
Qualified Persons
The technical and scientific information in this press release has been reviewed and approved by
Mr. Giovanni Funaioli, EurGeol, Vice President Exploration of Western Metallica, who is a “Qualified
Person" as defined by National Instrument 43 -101 - Standards of Disclosure for Mineral Projects.
Mr. Giovanni Funaioli is an employee of the Company and is not considered independent under NI
43-101.
About Western Metallica Resources Corp.
Western Metallica is an Ontario registered company with its head office in Toronto, Ontario, trading
on the TSX Venture Exchange under symbol WMS. Western Metallica is in the business of mineral
resource exploration and development and holds the option to acquire a 100% interest in the Caña
Brava copper-molybdenum project located in La Libertad Department, Peru. Western Metallica is
also advancing its 100% owned Nueva Celti Copper Property in the Ossa Morena belt in Andalusia,
Spain, and three other Spanish gold projects in the “Navelgas Gold Belt” in Asturias, Spain
(Penedela, Valledor and Sierra Alta).
Further information of the Company can be found at: www.westernmetallica.com
For more information please contact:
Western Metallica Resources Corp.
Gregory Duras
Chief Executive Officer
Email: [email protected]
Investor Relations
Email: [email protected]
Cautionary Notes
The TSXV has neither approved nor disapproved the contents of this press release. Neither the
TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this press release.
This press release contains statements that constitute “forward-statements.” Such forward looking
statements involve known and unknown risks, uncertainties and other factors that may cause the
Company’s actual results, performance or achievements, or developments to differ materially from
the anticipated results, performance or achievements expressed or implied by such forward-looking
statements.
Although the Company believes, in light of the experience of its officers and directors, current
conditions and expected future developments and other factors that have been considered
appropriate that the expectations reflected in this forward -looking inf ormation are reasonable,
undue reliance should not be placed on them because the Company can give no assurance that
they will prove to be correct. When used in this press release, the words “estimate”, “project”,
“belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these
words or such variations thereon or comparable terminology are intended to identify forward -
looking statements and information. The forward-looking statements and information in this press
release include information relating to the planned drill program and the development of the
Company’s projects and other mining projects and prospects thereof, the impact of the
management additions on the Company; and the potential and economic viability of the Caña Brava
Project. Such statements and information reflect the current view of the Company. Risks and
uncertainties that may cause actual results to differ materially from those contemplated in those
forward-looking statements and information.
By their nature, forward -looking statements involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or achievements, or other future
events, to be materially different from any future results, performance or achievements expressed
or implied by such forward-looking statements.
The forward-looking information contained in this news release represents the expectations of the
Company as of the date of this news release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward -looking information and should not rely
upon this information as of any other date. The Company undertakes no obligation to update these
forward-looking statements in the event that management’s beliefs, estimates or opinions, or other
factors, should change.
This news release does not constitute an offer to sell or solicitation of an offer to sell any 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.