Mr. Timothy Marsh reports
BELL COPPER ANNOUNCES SECOND TRANCHE CLOSING OF NON-BROKERED PRIVATE PLACEMENT
Further to its news releases of April 30 and June 3, 2024, Bell Copper Corp. has now closed its second and final tranche of its non-brokered private placement.
In the second tranche, a total of 1,175,000 units ("Units") were issued at a price of $0.08 per Unit, raising gross proceeds of $94,000.00. The aggregate number of Units issued in the Financing were 3,181,530 Units, raising total gross proceeds of $254,522.50. Each Unit consists of one common share and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one additional common share at a price of $0.12 per share for a period of twelve months from the date of issuance.
The securities issued by the Company in the second tranche are subject to a statutory hold period which expires on October 19, 2024. Funds raised from the Financing will be used for the ongoing drilling and exploration program at the Company's 100% owned Big Sandy Porphyry Copper Project and for general working capital.
Crescat Capital LLC ("Crescat"), a >10% insider and significant shareholder of the Company, participated in the Financing for a total of 875,000 Units, which participation constituted a "related party transaction" for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in completing the Financing with Crescat, on the basis that the fair market value of such participation was less than 25% of Bell's current market capitalization.
About Bell Copper
Bell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in Arizona. Bell Copper is exploring its 100% owned Big Sandy Porphyry Copper Project and the Perseverance Porphyry Copper Project which is under a Joint Venture - Earn In.
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