Kutcho Copper Announces $2.5 Million Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, March 25, 2021 (GLOBE NEWSWIRE) -- Kutcho Copper Corp. (TSXV: KC) (OTC: KCCFF) (“Kutcho Copper” or the “Company”) announces that it has arranged a non-brokered private placement (the “Private Placement”) to raise total proceeds of up to $2,500,000. The Private Placement will consist of up to 2,000,000 hard-dollar shares priced at $0.50 per share for gross proceeds up to $1,000,000 and 2,631,579 flow-through shares priced at $0.57 per share for gross flow-through proceeds of up to $1,500,000.
“Proceeds from this financing will allow the Company to continue with its environmental baseline studies required through the permitting process, complete its feasibility study and provide working capital through to 2022,” stated Vince Sorace, President and CEO of Kutcho Copper Corp. “Completion of the feasibility study remains on track for mid-year 2021. The Kutcho Copper project is uniquely positioned with a clear path through feasibility, permitting and ultimately production, and we are excited to continue this journey in a thriving copper market.”
The proceeds from the flow-through shares will be used to incur Canadian exploration expenditures (“CEE”) that qualify as ‘flow-through mining expenditures’ (as such terms are defined in the Income Tax Act (Canada) on the Company’s Kutcho high grade copper-zinc project located in British Columbia. 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 also announces the grant of an aggregate of 1,025,000 stock options to directors and senior officers of the Company, with each option exercisable at a price of $0.55 per share for a period of five years. Certain of the stock options may be subject to vesting requirements as determined by the Board of Directors. The options have been granted in accordance with the terms of the Company’s current stock option plan.
President & CEO, Kutcho Copper Corp.