Kutcho Copper Corp. (TSX-V: KC) (OTC: KCCFF) announces that it has completed a non-brokered private placement for gross proceeds of $4,100,000. The Private Placement is comprised of 5,200,000 hard-dollar shares priced at $0.50 per share for gross proceeds $2,600,000 and 2,500,000 flow-through shares priced at $0.60 per share for gross flow-through proceeds of $1,500,000.
“This financing was led with a strategic investor with proceeds targeting continued advancement of the Kutcho copper-zinc project and for additional initiatives the Company is currently pursuing in order to optimize the value of the project,” stated Vince Sorace, President and CEO of Kutcho Copper Corp. “We expect to provide updates with regards to continued developments around the feasibility study in the near future.”
The proceeds from the flow-through shares will be used to incur Canadian exploration expenditures that qualify as ‘flow-through mining expenditures’ (as such terms are defined in the Income Tax Act (Canada) on the Company’s Kutcho high grade copper-zinc project located in British Columbia.
The Private Placement is subject to the final approval of the TSX Venture Exchange. All shares issued under the Private Placement bear a hold period of four months and one day from the date of issuance. The Company will pay cash finder’s fees in connection with Private Placement as permitted by applicable securities laws and the rules of the TSXV.
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We acknowledge the [financial] support of the Government of Canada.