VANCOUVER, British Columbia, Feb. 25 2022 (GLOBE NEWSWIRE) — Alpha Copper Corp. (the “Company”) (CSE: ALCU) is pleased to announce that it has closed its private placement without intermediary (the “Private placement”) of 2,011,037 flow-through units (each, a “FT unit“) of the Company at $0.65 per FT Unit and 12,540,186 non-flow-through units (each, a “NFT Unit“) of the Company at $0.50 per NFT Unit, for aggregate gross proceeds of $7,577,267.05.
Each FT Unit consists of one ordinary share of the Company (each, a “Ordinary share“), issued on a flow-through basis under the Income Tax Act (Canada) (the “ITA”), and one common share purchase warrant (each, a “To guarantee“). Each warrant will be exercisable at a price of $1.00 per share for a period of two years from the date of issue. Each NFT unit consists of one common share and one warrant. All securities issued under the private placement are subject to a statutory hold period of one month and one day.
The Company paid finder’s fees in the amount of $204,371.54 and issued 394,775 warrants to licensed brokers and consultants in connection with the private placement. The Company intends to use the net proceeds of the private placement to incur qualifying Canadian exploration expenditures, as defined in the Tax Act, for general administrative and working capital purposes and to evaluate and pursue new business opportunities. .
The Company also announces that it has retained the services of Round Table Marketing Group Inc. (“Round table”) to provide the Company with marketing services to provide the U.S. financial community with information about the Company pursuant to an agreement dated February 15, 2022 (the “OK”). The Agreement has an initial term of three months (“Initial terms”).
Under the terms of the Agreement, the Company will pay Round Table $5,000 per month for the Initial Term and $5,000 per month for any month following the Initial Term.
ON BEHALF OF THE BOARD OF DIRECTORS
Further information about the Company is available under its profile on the SEDAR website, www.sedar.com.
Neither CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements regarding our plans, intentions and expectations, which are not historical in nature, are intended to be, and are hereby identified as, “forward-looking statements.” Forward-looking statements can be identified by words such as “anticipates”, “believes”, “intends”, “believes”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including, without limitation, those relating to the future operations and business prospects of the Company, are subject to certain risks and uncertainties that could cause actual results to differ materially. from those set forth in the forward-looking statements.