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.
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.
This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Kutcho Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop the Kutcho project or its other projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the Kutcho project and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, aboriginal title claims and rights to consultation and accommodation, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.