CUPANI Metals Closes 1st Tranche Of Non-Brokered Private Placement For Proceeds of $2M
CUPANI METALS CORP. (CSE: CUPA) (OTCQB:CUPIF) is pleased to announce that it closed a first tranche of the previously announced non-brokered private placement financing for aggregate gross proceeds of C$2,051,224.18 comprised of the issuance of 11,721,281 flow-through units of the Company at $0.175 per FT Unit.
Each FT Unit consisted of one common share and one half of one common share purchase warrant of the Company, each Warrant exercisable at $0.30 at any time prior to the day that is 24 months from the Closing Date, subject to the terms and provisions of an acceleration clause. The FT Share and one-half Warrant comprising the FT Units will qualify as a “flow-through share” for purposes of the Income Tax Act (Canada).
The gross proceeds from the Offering will be used by the Company on its 100% owned Blue Lake/Retty Lake exploration project as well as for general working capital purposes. The gross proceeds from the common shares comprising the FT Units will be used by the Company for “Canadian exploration expenses” that are “flow-through critical mineral mining expenditures” (as such terms are defined in the Tax Act).
The Offered Units were issued by way of a private placement pursuant to exemptions from prospectus requirements under applicable securities laws. The securities issued pursuant to the Offering are subject to resale restrictions, including a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.
About CUPANI
CUPANI Metals Corp. provides shareholders with long-term capital growth exposure by investing in mineral exploration properties and other assets. The Company is listed on the CSE under the symbol “CUPA” and on the OTCQB under symbol “CUPIF”. To learn more about the Company please visit CUPANIMetals.com
