VANCOUVER, British Columbia, Feb. 25, 2022 (GLOBE NEWSWIRE) — Alpha Copper Corp. (the “Company”) (CSE: ALCU) is pleased to announce that it has closed its non-brokered private placement (the “Private Placement”) of 2,011,037 flow-through units (each, an “FT Unit“) of the Company at $0.65 per FT Unit and 12,540,186 non-flow-through units (each, an “NFT Unit“) of the Company at $0.50 per NFT Unit, for aggregate gross proceeds of $7,577,267.05.
Each FT Unit is composed of one common share of the Company (each, a “Common Share”), issued on a flow-through basis pursuant to the Income Tax Act (Canada) (the “ITA”), and one common share purchase warrant (each, a “Warrant“). Each Warrant will be exercisable at $1.00 per share for a period of two years from the date of issuance. Each NFT Unit is composed of one common share and one Warrant. All securities issued under the Private Placement are subject to a four- month and one-day statutory hold period.
The Company paid finder’s fees in the amount of $204,371.54 and issued 394,775 Warrants to licensed brokers and consultants in association with the Private Placement. The Company intends to use the net proceeds of the Private Placement to incur eligible Canadian exploration expenses, within the meaning of the ITA, for general administrative and working capital purposes and to evaluate and pursue new business opportunities.
The Company also announces it has retained Round Table Marketing Group Inc. (“Round Table”) to provide the Company with marketing services to communicate to the US financial community information about the Company pursuant to an agreement dated effective February 15, 2022 (the “Agreement”). The Agreement carries an initial three-month term (“Initial Term”).
Under the terms of the Agreement, the Company will pay Round Table $5,000 per month for the Initial Term and $5,000 per month for any month subsequent to the Initial Term.
ON BEHALF OF THE BOARD OF DIRECTORS
Further information about the Company is available under its profile on the SEDAR website, www.sedar.com.
Neither CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward‐looking statements”. Forward‐looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.