The private placement tranche was completed with a total of 11,250,000 units (the 'Units') at a price of
'The company is pleased to have closed this financing and looks forward to re-commencing operations at La Adelita. The money raised will allow the company to clear a path to the existing adit at Cerro Grande and commence the construction of a short 3m x 3m drive to access the mineralised body identified in earlier drilling campaigns. Several groups have expressed an interest in purchasing mineralised material to supplement their own mill feeds. High grade material can aid the recovery of lower grade material in a flotation circuit even in relatively small amounts,' said
Completion of the Offering will be subject to all necessary approvals, including the approval of the TSX-V. The Offering included subscriptions from certain insiders of the Company. The issuances of Units to certain insiders, pursuant to the Offering, is considered a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company has relied on exemptions from the formal valuation and minority approval requirements in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of these related party transactions on the basis that the fair market value (as determined under MI 61-101) of the transactions do not, in aggregate, exceed 25% of the market value of the Company.
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Chief Executive Officer
Email: matt@infinitumcopper.com
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Cautionary Note Regarding Forward-Looking Statements
This press release contains 'forward-looking information' within the meaning of Canadian securities legislation. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, are inherently subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the Company's business, as described in the Company's Filing Statement dated
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