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Vancouver, British Columbia--(Newsfile Corp. - June 7, 2024) - Infinitum Copper Corp. (TSXV: INFI) (OTCQB: INUMF) ("Infinitum Copper" or the "Company") announces that it has closed its previously announced non-brokered private placement financing. The private placement tranche was completed with a total of 11,250,000 units (the "Units") at a price of $0.04 per Unit, for gross proceeds of $450,000 (the "Offering"). Each Unit consists of one common share of the Company (each, a "Common Share") and Common Share purchase warrant of the Company. Each purchase warrant (each, a "Warrant") entitles the holder to purchase one additional Common Share for a period of three (3) years from closing at a price of $0.06.
"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 Matt Hudson, president and CEO.
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.
No finders fees were paid in connection with this placement.
On Behalf of the Board of Directors of
INFINITUM COPPER CORP.
Matt Hudson
Chief Executive Officer
matt@infinitumcopper.com
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.