Chakana Copper Corp. Completes $10MM Financing






Remo Resources Inc. (TSX-V:RER) is pleased to announce, further to the Company’s news release of October 6, 2017 in respect of a proposed reverse take-over with Chakana Copper Corp. that Chakana has completed a non-brokered private placement of common shares and subscription receipts for total aggregate gross proceeds of C$10,000,000. 



The completion of the Offering satisfies a condition precedent of the Proposed Transaction that Chakana complete a financing for gross proceeds of a minimum of $4,000,000.



Pursuant to the Offering, Chakana issued a total of 8,602,500 common shares for aggregate proceeds of $4,301,250 and 11,397,500 subscription receipts for aggregate proceeds of $5,698,750.



The Subscription Receipts will convert, without payment of any additional consideration and without any further action required by the subscribers, upon the satisfaction of certain escrow release conditions including satisfaction of the conditions precedent to the closing of the Proposed Transaction, into an aggregate of 11,397,500 common shares of Chakana. Pursuant to the Proposed Transaction all of the Chakana common shares issued in the Offering and the Chakana common shares issued upon conversion of the Subscription Receipts will be exchanged for post-consolidation common shares of the Company. In connection with the Offering, Chakana paid finders fees to a group of finders, including Eventus Capital Corp., consisting of the payment of aggregate cash fees of $323,487.50, the issuance of 170,715 common shares of Chakana and the issuance of an aggregate of 817,690 common share purchase warrants, with each whole common share purchase warrant entitling the holder thereof to purchase one additional common share of Chakana at an exercise price of $0.50 per common share at any time up until two years from the date of the closing of the Offering [NTD: There will be at least two closing dates, so these won’t all actually be the same date.]. Pursuant to the Proposed Transaction, the warrants issued to the finders will be exercisable for post-consolidation common shares of Remo upon closing of the Proposed Transaction. 



Chakana intends to use the proceeds of the Offering, including the proceeds of the sale of subscription receipts upon the satisfaction of the Escrow Release Conditions to fund the continuing 16,500m phase 1 drill program at Chakana’s Soledad copper gold project located in Peru and for general working capital purposes.



Additional information in respect of the Proposed Transaction and the Offering will be included in Remo’s filing statement to be filed in connection with the Proposed Transaction and which will be available on Remo’s SEDAR profile at www.sedar.com.


Posted November 14, 2017


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