Coast Copper Announces Non-Brokered Financing of up to $600,000

CNW Group

Wed, May 8, 2024, 6:05 AM 3 min read

VANCOUVER, BC, May 8, 2024 /CNW/ - Coast Copper Corp. ("Coast Copper" or the "Company") (TSXV: COCO) announces it is undertaking a non-brokered private placement comprised of up to 10,000,000 units of the Company (the "Units") at an issue price of $0.06 per Unit for gross proceeds of up to $600,000 (the "Offering").

Each Unit will consist of one common share in the capital of Coast Copper and one non-transferable common share purchase warrant, with each warrant entitling the holder to acquire an additional common share of the Company at an exercise price of $0.12 per share with an expiry date ("Expiry Date") of 36 months after completion of the Offering (the "Closing Date").

The gross proceeds raised from the Offering will be used:

to make the final payment due September 2024 in relation to the Company's optioned Empire Mine property mineral claims;
to conduct field work on the newly acquired Sully property located adjacent to the PJX Resources Inc.'s Dewdney Trail property¹ (see news release February 12, 2024);
to continue Coast Copper's strategic mineral property acquisition program; and
for working capital and general corporate purposes.

The Company may pay finders fees in accordance with the rules and policies of the TSX Venture Exchange (the "Exchange"). The Offering remains subject to customary closing conditions including the approval of the Exchange. All securities issued in the Offering will be subject to a statutory hold period of four months and a day from the Closing Date.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities 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 state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Coast Copper Corp.

Coast Copper's exploration focus is the optioned Empire Mine property, located on northern Vancouver Island, BC, which covers three historical open pit mines and two past-producing underground mines that yielded iron, copper, gold, and silver. Coast Copper's other properties include its 100% owned Sully property located in southeastern BC, Knob Hill NW property located on northern Vancouver Island, its Home Brew property in central BC, and its Scottie West property located in the "Golden Triangle" of northern BC. Coast Copper's management team continues to review precious and base metals opportunities in western North America.

On Behalf of the Board of Directors:

"Adam Travis"

Adam Travis, Chief Executive Officer and Director

Cautionary Notes

¹ This news release may contain information about adjacent properties on which Coast Copper has no right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.

Neither 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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this press release, including any information regarding the proposed Transaction, private placement, board and management changes, as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by Coast Copper, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although Coast Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.

SOURCE Coast Copper Corp.