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VANCOUVER, British Columbia, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Kutcho Copper Corp. (TSX-V: KC) (OTCQX: KCCFF) (“Kutcho Copper” or the “Company”) announces that it has arranged a non-brokered private placement (the “Private Placement”) to raise total proceeds of $5,000,000. The Private Placement will consist of up to 5,263,158 shares priced at $0.95 per share for gross proceeds up to $5,000,000.
Vince Sorace, President and CEO of Kutcho Copper stated: “With the recent announcement of our feasibility study showcasing very attractive project economics and offering significant upside at current copper prices, we have continued to attract certain fundamental investors who believe in the immediate and long term upside potential of the Company. This financing is being done with one such investor. In addition, the Company is evaluating a number of accretive and strategic opportunities already in front of us, on our path towards a positive construction decision,” said Mr. Sorace. “Kutcho Copper is uniquely positioned with a feasibility-stage, high-grade, low-cost development project in a Tier 1 jurisdiction supported by a thriving copper market. As a result, we believe the Company is one of the most undervalued copper investment opportunities in North America, with significant upside given our current price levels and a robust copper outlook.”
Proceeds of the Private Placement will be used to advance the Kutcho project through permitting and for general working capital purposes. The completion of the Private Placement is subject to approval of the TSX Venture Exchange (“TSXV”). All shares issued under the Private Placement will bear a hold period of four months and one day from the date of issuance. The Company may pay finder’s fees in connection with Private Placement as permitted by applicable securities laws and the rules of the TSXV.
The Company expects to close the Private Placement around December 15, 2021.
President & CEO, Kutcho Copper Corp.
Cautionary Note Regarding Forward-Looking Statements
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.
This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ““arrange”, “attractive”, “upside”, “potential”, “advance”, “expansion”, “discovery”, “opportunities”, “upside” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Kutcho Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop the Kutcho project or its other projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations including the ability to discover and define additional mineral resources and/or deposits, future prices of copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the Kutcho project and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; the ability to advance potentially accretive and strategic opportunities to fruition, and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, aboriginal title claims and rights to consultation and accommodation, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, 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.