Kutcho Copper Announces Closing of Private Placement For Gross Proceeds of $2,897,815 – Flow-Through Oversubscribed
VANCOUVER, British Columbia, April 13, 2021 (GLOBE NEWSWIRE) -- Kutcho Copper Corp. (TSXV: KC) (OTC: KCCFF) (“Kutcho Copper” or the
“Company”) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Private Placement”) of hard dollar and
Under the hard dollar Private Placement, Kutcho has raised gross proceeds of $1,000,000 on the sale of 2,000,000 shares at a price of $0.50 per common share. Under the flow-through Private Placement which was over-subscribed, the Company has issued 3,329,500 flow-through shares at a price of $0.57 per common share for gross proceeds of $1,897,815. The proceeds from the flow-through shares will be used to incur Canadian exploration expenditures that qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)).
All shares issued under the private placement are subject to a hold period of four months and one day from closing.
The Company paid finder’s fees in connection with certain subscribers under the Private Placement. The Company has paid cash fees of $156,199 and has issued 284,430 finder warrants exercisable into common shares. Finder’s warrants in connection with purchasers sourced for the flow-through Private Placement are exercisable at $0.57 and finder’s warrants in connection with purchasers sourced for the hard dollar Private Placements are exercisable at $0.50 for a period of one year.
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.
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