THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Allied Copper Corp. (TSX-V: CPR, OTCQB: CPRRF)
(“Allied” or the “Company”), in
concert with its lithium-focused division, Volt Lithium Corp
(“Volt”), is pleased to announce the closing of
its previously announced non-brokered private placement financing,
raising gross proceeds of $4,000,000 through the issuance of
20,000,000 units (each, a “Unit”) at $0.20 per
Unit. Each Unit consists of one common share of the Company (each,
a “Share”) and one half of one common share
purchase warrant (each whole warrant, a
“Warrant”). A total of 10,000,000 Warrants were
issued, with each Warrant entitling the holder to purchase one
additional common share of the Company at an exercise price of
$0.30 for a period of twenty-four (24) months from the closing
date, February 24, 2023.
“We are extremely pleased with the outcome of
this financing, the strong demand which resulted in the Company
successfully raising twice the proceeds originally targeted, with
the additional funds providing a critical foundation to
significantly improve our understanding of our lithium project at
Rainbow Lake at an earlier stage than we otherwise would have,”
said Alex Wylie, President and Director of Allied. “This bolstered
financial position will ultimately improve our capabilities and
ability to execute prior to entering commercial production, which
is anticipated by mid-2024. We continue to progress on meeting or
exceeding milestones, and this financing will allow us to
accelerate developments supporting our goal of becoming a leading
lithium from brine producer.”
This private placement remains subject to the
final approval of the TSX Venture Exchange. All securities issued
under the placement are subject to a statutory hold period that
expires on June 25, 2023.
In connection with the closing of the private
placement, the Company paid finder's totalling $100,202, in cash
and the issuance of 501,008 finder’s warrants (each a
'Finder's Warrant') to the following finders:
Acumen Capital Partners, Intrynsyc Capital Corp., Raymond James
Ltd. and Research Capital Corporation. Each Finder’s Warrant is
exercisable to acquire one common share of the Company at a price
of $0.30 per Common Share, for a period of 24 months following the
closing of the private placement.
Officers and directors of the Company including
Alex Wylie, Kyle Hookey, Marty Scase, Warner Uhl, and Morgan
Tiernan participated in the private placement and acquired
1,647,755 units for $329,551. The participation of these insiders
in the private placement constitutes a Related Party Transaction
within the meaning of Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions ("MI 61-101").
The board of directors of the Company, with Messrs. Wylie, Hookey,
Scase and Uhl abstaining, determined that the transaction is exempt
from the formal valuation and minority shareholder approval
requirements contained in sections 5.5(a) and 5.7(1)(a) of MI
61-101 for the related party transaction, as neither the fair
market value of securities issued to the insiders nor the
consideration paid by the insiders exceeded 25 percent of the
Company's market capitalization. The Company did not file a
material change report in respect of the transaction 21 days in
advance of the closing of the private placement because insider
participation had not been confirmed. The shorter period was
necessary in order to permit the Company to close the private
placement in a timeframe consistent with usual market practice for
transactions of this nature.
Gross proceeds raised from the sale of Units
will be used to advance the Company’s pilot programs and for other
general corporate matters, including:
-
Reservoir Analysis: undertaking more detailed
reservoir analysis that involves testing intervals with production
testing equipment, an activity that previously was anticipated
post-pilot, allowing lithium concentrations to be tested from the
top of the reservoir to the basement, providing data to support a
more comprehensive resource report;
-
Attraction & Retention of
Key Staff: with a robust financial position, the
Company has a better platform to attract high quality field staff
who will be essential in providing improved chemical analysis and
operational excellence;
- Field
Design – by having greater resources to allocate to field
engineering and design work, Volt anticipates being better
positioned moving into commercial production;
-
Upgrading Capabilities – to support the goal of
reaching commercial production and realizing first sales, the
Company will seek to fast-track its capability to upgrade to
battery grade lithium.
None of the securities sold in connection with
the Offering will be registered under the United States Securities
Act of 1933, as amended, and no such securities may be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements. This news release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Allied /
Volt
Allied (TSX-V: CPR, OTCQB: CPRRF) is a
growth-oriented, battery-metals focused exploration company. Our
strategy is to acquire and develop low-cost, potentially
high-growth battery metals assets that represent key inputs needed
to support the global energy transition. Our commitment
is to operate efficiently and with transparency across all areas of
the business staying sharply focused on creating long-term,
sustainable shareholder value. Investors and/or other interested
parties may sign up for updates about Volt’s and Allied’s continue
progress on the Company’s website: www.alliedcoppercorp.com.
Contact Information
For Investor Relations inquiries or further
information, please contact:
Alex Wylie, President
Kyle Hookey,
CEOawylie@voltlithium.com
khookey@alliedcoppercorp.comM: +1.403.830.5811
M: +61 (431) 920 389
Forward Looking Statements
This news release includes certain
“forward-looking statements” and “forward-looking information”
within the meaning of applicable Canadian securities laws. When
used in this news release, the words “anticipate”, “believe”,
“estimate”, expect”, “target”, “plan”, “forecast”, “may”, “would”,
“could”, “schedule” and similar words or expressions, identify
forward-looking statements or information. Statements, other than
statements of historical fact, may constitute forward looking
information and include, without limitation, statements about
significantly improving our understanding of our lithium project at
Rainbow Lake at an earlier stage; our ability to execute prior to
entering commercial production, which is anticipated by mid-2024;
becoming a leading lithium from brine producer; the expected use of
proceeds from the private placement including our plans to
undertake more detailed reservoir analysis, attract high quality
field staff who will be essential in providing improved chemical
analysis, being better positioned moving into commercial production
and to seek to fast-track its capability to upgrade to battery
grade lithium. With respect to the forward-looking information
contained in this news release, the Company has made numerous
assumptions regarding, among other things, the approval of the
TSXV, the price of copper, lithium and other metals; no escalation
in the severity of the COVID-19 pandemic; costs of exploration and
development; the estimated costs of development of exploration
projects; Allied’s ability to operate in a safe and effective
manner and its ability to obtain financing on reasonable terms,
that the geological, metallurgical, engineering, financial and
economic advice that the Company has received is reliable and are
based upon practices and methodologies which are consistent with
industry standards. While the Company considers these assumptions
to be reasonable, these assumptions are inherently subject to
significant uncertainties and contingencies and may prove to be
incorrect. Additionally, there are known and unknown risk factors
which could cause the Company’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk factors
include, among others: fluctuations in commodity prices and
currency exchange rates; uncertainties relating to interpretation
of well results and the geology, continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs,
recovery rates, production estimates and estimated economic return;
the need for cooperation of government agencies in the exploration
and development of properties and the issuance of required permits;
the need to obtain additional financing to develop properties and
uncertainty as to the availability and terms of future financing;
the possibility of delay in exploration or development programs or
in construction projects and uncertainty of meeting anticipated
program milestones; uncertainty as to timely availability of
permits and other governmental approvals; increased costs and
restrictions on operations due to compliance with environmental and
other requirements; increased costs affecting the metals industry
and increased competition in the metals industry for properties,
qualified personnel, and management. All forward-looking
information herein is qualified in its entirety by this cautionary
statement, and the Company disclaims any obligation to revise or
update any such forward-looking information or to publicly announce
the result of any revisions to any of the forward-looking
information contained herein to reflect future results, events or
developments, except as required by law.
Allied Copper (TSXV:CPR)
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