18:48:50 EDT Mon 17 Jun 2024
Enter Symbol
or Name

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Alta Copper Corp
Symbol ATCU
Shares Issued 77,896,878
Close 2023-12-18 C$ 0.33
Market Cap C$ 25,705,970
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Alta Copper arranges $3.12-million private placement

2023-12-18 21:06 ET - News Release

Ms. Joanne Freeze reports


Subject to the approval of the Toronto Stock Exchange, Alta Copper Corp. has arranged a non-brokered private placement with Nascent Exploration Pty. Ltd., a wholly owned subsidiary of Fortescue Metals Group Ltd.

The private placement will consist of the sale of 6,255,942 common shares at a price of 50 cents to raise gross proceeds of approximately $3,127,971. 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. As a result of the private placement, Fortescue Metals will hold a 30.96-per-cent shareholder interest in Alta Copper.

The company intends to use the proceeds of the private placement to continue to advance its 100-per-cent-owned advance-staged Canariaco copper project.

Giulio T. Bonifacio, executive chair, commented: "We are extremely pleased to have the ongoing support of our largest shareholder as we continue to advance our Canariaco copper project. The financing price represents a 50-per-cent premium to our current share price. Clearly, any comparable financing would be priced at a discount to our current market inclusive of warrants and fees against the further backdrop of what have been very challenging capital markets in 2023. The current funding will now provide the required capital to continue to advance our community engagement and social licence, as well as our upcoming optimized preliminary economic assessment. We fully expect the results of our optimized PEA to be a major catalyst as we advance Alta Copper to the next stage."

About Alta Copper Corp.

Alta Copper is focused on the development of its 100-per-cent-owned Canariaco advance-staged copper project. Canariaco comprises 97 square kilometres of highly prospective land located 150 km northeast of the city of Chiclayo, Peru, which includes the Canariaco Norte deposit, the Canariaco Sur deposit and the Quebrada Verde prospect, all within a four-kilometre northeast-southwest trend in northern Peru's prolific mining district. Canariaco is one of the largest copper deposits in the Americas not held by a major.

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