Doré Copper Mining Secures $4.676 Million in New Funding
Doré Copper Mining Successfully Closes $4.676 Million Funding Round
Doré Copper Mining Corp. (the "Corporation" or "Doré Copper") (TSXV:DCMC; OTCQB:DRCMF; FRA:DCM) is thrilled to share the successful closure of its sought-after non-brokered private placement funding, totaling approximately $4,675,900. This strategic move positions the company for its future developments in mining.
Details of the Funding
In this funding round, Doré Copper sold a notable number of shares across different categories. The offering included 20,960,955 common shares at a price of $0.105 each, generating around $2,200,900 in gross proceeds. Additionally, the company raised funds through flow-through shares, which are special shares that provide investors tax benefits.
Specifically, the Corporation sold 1,400,000 traditional flow-through shares priced at $0.125, bringing in gross proceeds of $175,000, and 11,500,000 charitable flow-through shares at $0.20 each for total proceeds of $2,300,000. The interest in this offering surpassed expectations, leading to an oversubscribed situation, demonstrating significant investor confidence.
Role of Finders
Canaccord Genuity Corp. and Red Cloud Securities Inc. acted as finders for this offering, earning a cash fee amounting to $3,000, representing 6% of the proceeds from traditional flow-through shares sold. Furthermore, they received 24,000 non-transferable warrants, allowing them to purchase shares in the company at a fixed price until September 2026.
Strategic Use of Proceeds
The proceeds from the common shares sold in this funding round will significantly support Doré Copper’s ongoing exploration and developmental activities. These funds will finance feasibility study work, permit activities, and contribute to general corporate purposes, which are critical as the company seeks to enhance its operations and capabilities.
Notably, the funds from flow-through shares will be directed specifically towards incurring expenses classified as “Qualifying Expenditures.” These expenditures are essential for the Corporation’s projects in Québec, aimed at leveraging Canada's favorable tax structure for mineral exploration expenditures.
Insider Participation
Noteworthy participants include Ocean Partners UK Limited and funds managed by Equinox Partners Investment Management, both insiders of the Corporation. They subscribed for a combined total of 7,719,047 and 7,719,048 common shares, respectively. This participation aligns with the standards of arm's-length investors, reinforcing the credibility of the funding.
Regulatory Compliance
The offering was conducted in accordance with applicable laws in Canada and was directed towards accredited investors in the United States. All securities issued through this funding round will bear a hold period of four months, expiring on January 27, 2025, as mandated by Canadian securities law.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. is positioning itself to be a prominent producer of copper in Québec, aiming for over 50 million pounds of copper equivalent annual production. The Corporation is employing a unique hub-and-spoke operational model, integrating several high-grade copper-gold assets to supply its centralized Copper Rand mill. Their preliminary economic assessment sets a solid foundation for future endeavors as they move forward with a feasibility study.
With a massive land package concentrated in the historically productive Lac Doré/Chibougamau and Joe Mann mining camps, Doré Copper has substantial potential. The area has a rich history of over 1.6 billion pounds of copper and 4.4 million ounces of gold produced from various mines and resources.
Frequently Asked Questions
What is the total amount raised by Doré Copper?
Doré Copper raised approximately $4.675 million through its latest funding round.
Who were the key participants in the private placement?
Canaccord Genuity Corp. and Red Cloud Securities Inc. acted as finders for the offering.
What are flow-through shares?
Flow-through shares are investments in mining companies that offer tax benefits to investors who purchase them.
What is Doré Copper's goal for annual production?
Doré Copper aims to produce over 50 million pounds of copper equivalent annually.
Where can I find more information about Doré Copper Mining Corp.?
More information is available on Doré Copper’s official website or through their SEDAR+ filings.
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