King Copper Discovery Corp. (TSX-V:KCP) (OTCQB:TBXXF) (FRA:3RI) is pleased to announce that it has closed its previously announced non-brokered private placement financing of 25 million units at a price of $0.60 per Unit with each Unit consisting of one common share in the capital of the Company and one common share purchase warrant, exercisable at a price of $0.98 for two years. The Financing resulted in the Company raising aggregate gross proceeds of $15,000,000.

All securities issued in connection with the Financing will be subject to a statutory four-month hold period in accordance with applicable securities law.

The subscribers in the Financing included a director as well as one corporate subscriber controlled by a director of the Company, who subscribed for an aggregate of 150,000 Units for aggregate gross proceeds of $90,000 to the Company. The issuance of Units to the Insiders constitute “related party transactions” as defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions. The Company is relying on the exemption from the formal valuation and minority approval requirement pursuant to subsection 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for the Insiders’ participation in the Financing, as the value of the Units subscribed for do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101.

The net proceeds from the Financing will be used for general working capital and for the ongoing assessment and evaluation of multiple copper exploration and development opportunities within South America.