Cerro de Pasco Resources Closes Second Tranche of Private Placement for Total Current Financing of $2.0 Million - Seite 2

In connection with the completion of the final tranche of the Offering, the Company paid finder’s fees of $12,090 and issued 120,900 Warrants to arm’s length third parties as finder’s fees. to certain parties who assisted the Company by introducing subscribers to the placement.

The Company intends to use the net proceeds from the Offering towards the development of the Quiulacocha tailings and for working capital.

The securities issued in the last tranche of the Private Placement are subject to a four-month-and-one-day statutory hold period expiring on May 18, 2024.

The securities offered 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 U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

Issuance of Common Shares to Consultants

In November and December 2023, the Company issued a total of 640,000 Common Shares to consultants, including (i) 600,000 Common Shares at a deemed value of $ 0.10 per Common Share as debt settlement in accordance with the terms of a Termination Agreement entered into in November 2023; and (ii) 40,000 Common Shares at a deemed value of $ 0.075 as consideration for services provided pursuant to consultation agreements entered into in May 2022. These Common Shares are subject to a statutory hold period ending four-month-and-one-day from the date of their issuance, in accordance with applicable securities laws.

About Cerro de Pasco Resources

Cerro de Pasco Resources Inc. is a mining and resource management company with unparalleled knowledge of the mineral endowment in the city of Cerro de Pasco and its surroundings. Initially, the Company will unlock the useful life of the mine and extend the concession areas in its Santander mining operation, applying the highest safety, environmental, social and governance standards. The key focus of the growth for the Company is on the development of the El Metalurgista mining concession, one of the world's largest surface mineralized resources, applying the latest techniques and innovative solutions to process tailings, extract metals and convert the remaining waste into green hydrogen and derivatives.