05:55:32 EDT Thu 20 Jun 2024
Enter Symbol
or Name

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Alta Copper Corp
Symbol ATCU
Shares Issued 75,828,588
Close 2023-10-16 C$ 0.34
Market Cap C$ 25,781,720
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Alta Copper shareholder exercises pre-emptive right

2023-10-17 15:40 ET - News Release

Ms. Joanne Freeze reports


Fortescue Metals Group Ltd. has exercised its pre-emptive right to maintain its shareholder interest in Alta Copper Corp.

As previously announced by the Company on October 11, 2023, the Company arranged a Private Placement to raise gross proceeds of $766,645 through the issuance of 1,533,290 Common Shares at a premium to market purchase price of $0.50 per Common Share.

As a result of the private placement Nascent Exploration Pty Ltd., a wholly owned subsidiary of Fortescue Metals has exercised their pre-emptive right to subscribe for 535,000 Common Shares at a purchase price of $0.50 per Common Share for a total purchase price of $267,500 to maintain their shareholder's interest at 25.4%.

A total of 2,068,290 Common Shares will be issued for gross proceeds of $1,034,145 with closing of the private placement subject to final approval of the Toronto Stock Exchange which is expected to occur on or before November 23, 2023. The common shares will be subject to a mandatory hold period ending four months and one day after issuance, in accordance with applicable securities law. There will be no warrants included in this private placement.

Joanne Freeze, CEO & President of Alta Copper commented: "This private placement represents a significant premium of plus 45% to the market close on October 16, 2023, while continuing to demonstrate third-party endorsement of the investment merits of Alta Copper. Furthermore, we welcome the ongoing and continued support of our largest shareholder Fortescue Metals."

The Company will use the proceeds of the Private Placement for working capital, ongoing community initiatives as well as engineering work related to the Optimized Preliminary Economic Assessment currently underway.

About Alta Copper

Alta Copper is focused on the development of its 100% owned Canariaco advanced staged copper project. Canariaco comprises 97 square km of highly prospective land located 150 km northeast of the City of Chiclayo, Peru, which include the Canariaco Norte deposit, Canariaco Sur deposit and Quebrada Verde prospect, all within a 4 km NE-SW trend in northern Peru's prolific mining district. Canariaco is one of the largest copper deposits in the Americas not held by a major.

We seek Safe Harbor.

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