VANCOUVER, BC, August 5, 2022 /cnw/ — Infinitum Copper Corp. (TSXV: INFI) (OTCQB: INUMF) (“infinite copper” either “company“) is pleased to announce that it has closed its second tranche of funding for its previously announced non-broker private placement financing. Private placement will be funded by an additional 518,778 units (“units“) is being offered in the second installment, at a price of $0.20 per unit (“installment 2 offering“) resulting in a total of 5,698,953 units being issued for a gross proceeds of $1,139,790.60 (together with the installment 2 offering,”offer“). Each entity has a common share of the company (each, one “common share“) and a transferable common share purchase warrant (each, a “warrant“. Each warrant entitles the holder to purchase one additional common share for a period of two (2) years from closing at a price of $0.45.
Proceeds from the offering will be used for exploration at the La Adelita project in the state of Sonora, Mexico and the Hot Brescia project in the state of Arizona, United States, and for general corporate purposes.
Securities issued in connection with the Tranche 2 Offering, including any common shares issued on the exercise of warrants, are subject to a four-month restricted resale period expiring on December 6, 2022 and the applicable securities law closing period outside Canada. Is out of. Date.
Completion of the Installment 2 Offering will be subject to all necessary approvals, including approval from TSX-V.
The company also declares that it has entered into a debt settlement agreement with shares (“settlement agreement“) with an arm’s length contractor, pursuant to which the Company will issue 1,156,770 common shares at a deemed value of $0.20 per common share in full satisfaction of the mineral exploration services (“shares for loan,
Common shares issued in connection with the Settlement Agreement will be subject to a restricted resale period of four months and a holding period of securities law applicable outside Canada from the closing date. Shares for Lending Arrangement will be subject to all necessary approvals including approval of TSX-V.
on behalf of the board of directors
Infinitum Copper Corp.
chief executive officer
Neither TSX Venture Exchange nor its regulation service provider (as defined in TSX Venture Exchange’s policies) accepts responsibility for the adequacy or accuracy of this release.
About Infinitum Copper
Backed by a strong team of industry stalwarts, Infinitum Copper is spearheading the La Adelita project, where the company has the option to earn an 80% interest. The high-grade copper-silver-gold La Adelita project is located in the Mexican states of Sonora and Sinaloa and is subject to a 2% NSR. La Adelita is a high-grade copper-gold-silver, carbonate substitution deposit located in a mineralized district with a rich history. Infinitum Copper has the option to earn a 100% interest in the Hot Breccia project in the heart of the Arizona Copper Belt approximately 90 km north of Tucson, AZ. The Hot Brescia project has potential for porphyry copper and copper skarn mineralization.
Cautionary Note Regarding Forward-looking Statements
This press release contains “further information” within the meaning of Canadian securities law. The forward-looking information contained in this press release represents the company’s expectations as of the date of this press release and is, accordingly, subject to change after such date. Forward-looking information is based, among other things, on opinions, estimates, estimates and analyzes that are inherently subject to significant risks, uncertainties, contingencies and others as deemed appropriate at the date the Company provides forward-looking information. . Factors that could cause actual results and events to differ materially from those expressed or implied by forward-looking information. Risks, uncertainties, contingencies and other factors that could cause actual results to differ materially from those expressed or implied by forward-looking information may include, but are not limited to, risks associated with the Company’s business is described in. Filing statement dated February 11, 2022. Readers should not place undue importance on further information and should not rely on this information as of any other date. While the Company may elect, it does not undertake to update this information at any particular time except as required by applicable laws.
Source Infinity Copper Corp.
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