Chakana Copper Corp. (TSX-V:PERU) (OTC:CHKKF) (FWB:1ZX) is pleased to announce that, further to its news releases on March 8 and 12, 2018, it has successfully closed a private placement led by Eventus Capital Corp. of 8,888,889 common shares of the Company at a price of $0.90 per Share for gross proceeds of approximately $8.0 million.
Chakana Copper President and CEO, David Kelley stated: “We are happy to welcome Macquarie Bank Ltd. and other major institutional investors in this round of financing. This is an exciting time for Chakana as we continue to expand our drill program at Soledad.”
The Company intends to use the net proceeds of the Offering to fund the expansion of its exploration program at Chakana’s Soledad copper gold project located in Peru and for general working capital purposes.
In connection with the Offering, the Company paid the Agent a cash fee of approximately $373,250. Additionally, the Company issued 391,000 broker warrants to the Agent with each Broker Warrant entitling the holder to purchase one Share at an exercise price of $0.90 for a period of 24 months following the date of issuance.
All securities issued in connection with the Offering are subject to a four month and one day hold expiring July 24, 2018.
The Offering remains subject to final approval of the TSX Venture Exchange.
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We acknowledge the [financial] support of the Government of Canada.