Alta Copper Successfully Closes Non-Brokered Private Placement
Alta Copper Corp. (TSX: ATCU; OTCQX: ATCUF; BVL: ATCU) has announced the successful completion of its non-brokered private placement. The company issued 2,068,290 common shares at a price of Cdn. $0.50 per share, resulting in gross proceeds of Cdn. $1,034,145. The common shares will be subject to a mandatory four-month and one-day hold period as per applicable securities law. Notably, no warrants were included in the private placement.
Utilizing Proceeds and Future Plans
The funds raised through the private placement will be allocated towards working capital, ongoing community initiatives in Peru, and engineering work related to the Optimized Preliminary Economic Assessment, which is expected to be published by Q1-2024. The private placement is still subject to final approval from the Toronto Stock Exchange.
About Alta Copper
Alta Copper is primarily focused on the development of its Cañariaco advanced staged copper project. The project encompasses 97 square kilometers of highly prospective land in northern Peru and includes the Cañariaco Norte deposit, Cañariaco Sur deposit, and Quebrada Verde prospect. Cañariaco is one of the largest copper deposits in the Americas not held by a major mining company.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, and while the company believes them to be reasonable, there is no guarantee that they will prove to be accurate. Investors are cautioned that forward-looking statements are subject to risks, uncertainties, assumptions, and other factors that could lead to different outcomes than anticipated. Factors such as equity financing market conditions, regulatory approvals, fluctuations in metal prices, and delays in obtaining approvals or financing could impact the company's results and performance. The company is under no obligation to update or alter forward-looking statements except as required by applicable securities laws.
For further information, please contact:
Joanne C. Freeze, President, CEO, and Director
Phone: +1 604 512 3359
Giulio T. Bonifacio, Executive Chair and Director
Phone: +1 604 318 6760
Hot Take: Impact of Alta Copper's Successful Non-Brokered Private Placement on New Businesses
Alta Copper Corp.'s successful non-brokered private placement provides a valuable lesson for new businesses. The company's issuance of over two million common shares, raising a gross proceed of Cdn. $1,034,145, demonstrates the potential of private placements as a viable financing strategy.
Strategic Allocation of Funds
New businesses can learn from Alta Copper's strategic allocation of funds raised. The company plans to use the proceeds for working capital, community initiatives in Peru, and engineering work for an upcoming project. This highlights the importance of having a clear plan for utilizing funds raised to drive growth and sustainability.
Understanding Regulatory Requirements
Alta Copper's adherence to securities law, including a mandatory hold period for the issued shares, underscores the need for new businesses to understand and comply with regulatory requirements in fundraising activities.
Forward-Looking Statements and Risk Management
Alta Copper's cautionary note regarding forward-looking statements serves as a reminder for new businesses to be transparent about potential risks and uncertainties. This not only helps to manage investor expectations but also fosters trust and credibility.
In conclusion, Alta Copper's non-brokered private placement offers insights into strategic fundraising and fund allocation, regulatory compliance, and risk management, which new businesses can leverage for their growth and success.