Infinitum Copper Corp. (TSX-V: INFI) (OTCQB: INUMF) is pleased to announce that it has closed its second tranche to its previously announced non–brokered private placement financing. The private placement has been over-subscribed with an additional 518,778 units at a price of $0.20 per Unit, being offered in the second tranche resulting in an aggregate total of 5,698,953 Units being issued for gross proceeds of $1,139,790.60. Each Unit consists of one common share of the Company and one transferable Common Share purchase warrant. Each Warrant entitles the holder to purchase one additional Common Share for a period of two (2) years from closing at a price of $0.45.
Proceeds from the Offering will be used to fund exploration at La Adelita project in Sonora State, Mexico and the Hot Breccia project in Arizona State, USA, and for general corporate purposes.
The securities issued in connection with the Tranche 2 Offering, including any Common Shares issued upon exercise of the Warrants, are subject to a four month restricted resale period that expires on December 6, 2022 and applicable securities legislation hold periods outside of Canada from the closing date.
Completion of the Tranche 2 Offering will be subject to all necessary approvals, including the approval of the TSX-V.
The Company also announces it has entered into a shares for debt settlement agreement with an arm’s length contractor, pursuant to which the Company will issue 1,156,770 Common Shares at a deemed value of $0.20 per Common Shares in full satisfaction of mineral exploration services.
The Common Shares issued in connection with the Settlement Agreement will be subject to a four month restricted resale period and applicable securities legislation hold periods outside of Canada from the closing date. The Shares for Debt arrangement will be subject to all necessary approvals, including the approval of the TSX-V.
About Infinitum Copper
Backed by a strong team of industry veterans, Infinitum Copper is advancing La Adelita project, where the Company has an option to earn an 80% interest. The high-grade copper-silver-gold La Adelita Project is located in Sonora and Sinaloa states in Mexico and is subject to a 2% NSR. La Adelita is a high-grade copper-gold-silver, Carbonate Replacement Deposit located in a mineralized district with a rich history. Infinitum Copper also has an option to earn 100% interest in the Hot Breccia project in the heart of the Arizona Copper Belt about 90km north of Tucson, AZ. The Hot Breccia project is prospective for porphyry copper and copper skarn mineralization.
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We acknowledge the [financial] support of the Government of Canada.