Infinitum Copper Closes $CAD450,000 Placement
Vancouver, June 7, 2024 - Infinitum Copper Corp. (TSXV: INFI) (OTCQB: INUMF) ("Infinitum Copper" or the "Company") announces that it has closed its previously announced non-brokered private placement financing. The private placement tranche was completed with a total of 11,250,000 units (the "Units") at a price of $0.04 per Unit, for gross proceeds of $450,000 (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 three (3) years from closing at a price of $0.06.
"The company is pleased to have closed this financing and looks forward to re-commencing operations at La Adelita. The money raised will allow the company to clear a path to the existing adit at Cerro Grande and commence the construction of a short 3m x 3m drive to access the mineralised body identified in earlier drilling campaigns. Several groups have expressed an interest in purchasing mineralised material to supplement their own mill feeds. High grade material can aid the recovery of lower grade material in a flotation circuit even in relatively small amounts," said Matt Hudson, president and CEO.
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.
No finders fees were paid in connection with this placement.
On Behalf of the Board of Directors of
Matt Hudson
Chief Executive Officer
matt@infinitumcopper.com
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.
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