Mr. Simon Quick reports

CANADIAN COPPER CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT: SATISFIES MURRAY BROOK PURCHASE CONDITION

Canadian Copper Inc. has closed its oversubscribed non-brokered private placement consisting of 9,129,667 units at a price of 12 cents per unit for gross proceeds of $1,095,560 previously announced on July 12, 2023. As a result, the company has secured sufficient capital to fund the $750,000 cash payment to acquire the Murray Brook deposit.

Simon Quick, chief executive officer of Canadian Copper, said: "We are very fortunate to have strong support from current and new shareholders for this non-brokered private placement. The seasonal timing and current market conditions are not easy for the junior sector; however, the Murray Brook acquisition is compelling and resulted in an oversubscribed financing. We look forward to sharing our future growth strategy for this asset upon closing the transaction."

Each unit of the private placement consists of one common share of the company and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of 18 cents per share at any time within two years from the date of issuance. The warrants will be subjected to an accelerated exercise clause in the event the company's share price exceeds 30 cents for 10 consecutive trading days on a volume weighted average price basis.

The company paid finders' fees to certain arm's-length third parties consisting of a cash commission of up to 7 per cent of the gross proceeds of the private placement for an aggregate amount of $7,585 and up to 7 per cent in finder warrants at the same terms of warrants issued as part of the private placement for an aggregate of 63,210 finder warrants. A statutory four-month-plus-one-day hold period will apply to all securities issued in connection with the private placement.

Proceeds from the private placement will be used for the financing of the $750,000 cash payment to acquire the Murray Brook deposit, to update the Murray Brook deposit historical mineral resource estimate technical report projected for release in October, 2023, and for general corporate working purposes.

Certain directors and other insiders of the company participated in the private placement and subscribed for 883,334 units for an aggregate price of $106,000, an amount no more than the maximum amount permissible under applicable securities laws and regulatory rules. Participation by the directors and other insiders in the private placement is considered a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insiders' participation in the private placement in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value (as determined under MI 61-101) of any securities issued under the private placement (and the consideration paid to the company therefor) to interested parties (as defined under MI 61-101) did not exceed 25 per cent of the company's market capitalization (as determined under MI 61-101).

About Canadian Copper Inc.

Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The company is focused on the prolific Bathurst mining camp (BMC) of New Brunswick, Canada. There are currently 83,322,540 shares issued and outstanding in the company.

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