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VIZSLA COPPER CLOSES NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $2.5M AND PROVIDES UPDATES

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VIZSLA COPPER CLOSES NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $2.5M AND PROVIDES UPDATES

 

 

 

Vizsla Copper Corp. (TSX-V: VCU) (OTCQB: VCUFF) (FRANKFURT: 97E0) is pleased to announce that it has closed its non-brokered private placement, previously announced on March 5, 2024 and March 18, 2024, issuing 38,460,995 units at a price of $0.065 per Unit for gross proceeds of CAD$2,499,962.08.

 

Each Unit consists of one common share of the Company and one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one additional Common Share at a price of $0.12 per Warrant Share until the date which is 36 months from April 11, 2024.

 

The net proceeds of the Offering will be used for further exploration and general working capital purposes.

 

In connection with the Offering, the Company paid the finders fees of $50,483 cash and issued 776,654 finders warrants of the Company. Each Finders Warrant entitles the finder to purchase one Common Share at a price of $0.12 per Finder Warrant until the date which is 36 months from April 11, 2024.

 

The securities issued in connection with the Private Placement are subject to a four-month and one-day hold period under applicable Canadian securities laws. Closing of the Private Placement is subject to final approval of the TSX Venture Exchange.

 

Directors and officers of the Company subscribed for an aggregate of 3,504,538 Units for gross proceeds of $227,794.97 under the Private Placement. Participation by insiders of the Company in the Private Placement constitutes a related-party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 as the common shares of the Company are listed on the TSX-V. The issuance of securities is also exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101 as the fair market value was less than $2,500,000.

 

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

 

Carruthers Pass Update

 

The Company has terminated the Carruthers Pass Option Agreement with Cariboo Rose Resources, resulting in Cariboo Rose retaining 100% of the project. While the exploration potential for volcanogenic massive sulphide base metal deposits on the project remains high, it is not core to Vizsla Copper’s current strategy of exploration and development of porphyry-related copper-gold deposits.

 

Copper Pit Acquisition Update

 

The Company has received approval from the TSX Venture Exchange for the Purchase Agreement entered into with Michael Langille, previously announced on February 21, 2024. Vizsla Copper has issued 100,000 common shares to purchase two mineral claims totalling 59.5 ha, free and clear of any encumbrances. The Consideration Shares will be subject to a four-month hold period pursuant to applicable Canadian securities laws, after which 25% of the Consideration Shares will become free trading. In addition, the Vendor has agreed to voluntary resale restrictions whereby an additional 25% of the Consideration Shares will become free trading every four months thereafter.

 

About Vizsla Copper

 

Vizsla Copper is a Cu-Au-Mo focused mineral exploration and development company headquartered in Vancouver, Canada. The Company is primarily focused on its flagship Woodjam project, located within the prolific Quesnel Terrane, 55 kilometers east of the community of Williams Lake, British Columbia. It has three additional copper exploration properties: Copperview, Trailbreaker and Redgold, all well situated amongst significant infrastructure in British Columbia. The Company’s growth strategy is focused on the exploration and development of its copper properties within its portfolio in addition to value accretive acquisitions. Vizsla Copper’s vision is to be a responsible copper explorer and developer in the stable mining jurisdiction of British Columbia, Canada and it is committed to socially responsible exploration and development, working safely, ethically and with integrity.

 

Vizsla Copper is a spin-out of Vizsla Silver Corp. and is backed by Inventa Capital Corp., a premier investment group founded in 2017 with the goal of discovering and funding opportunities in the resource sector. Additional information about the Company is available on SEDAR+ (www.sedarplus.ca) and the Company’s website (www.vizslacopper.com).

 

Qualified Person

 

The Company’s disclosure of technical or scientific information in this press release has been reviewed and approved by Ian Borg, P.Geo., Senior Geologist for Vizsla Copper. Mr. Borg is a Qualified Person as defined under the terms of National Instrument 43-101.

 

Posted April 12, 2024

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