VANCOUVER, BC, Aug. 5, 2022
/CNW/ - Infinitum Copper Corp. (TSXV: INFI) (OTCQB:
INUMF) ("Infinitum Copper"
or the "Company") is pleased to announce that it
has closed its second tranche to its previously announced
non–brokered private placement financing. The private
placement has been over-subscribed with an additional 518,778 units
(the "Units") at a price of $0.20 per Unit, being offered in the second
tranche ("Tranche 2 Offering") resulting in an aggregate
total of 5,698,953 Units being issued for gross proceeds of
$1,139,790.60 (together with the
Tranche 2 Offering, the "Offering"). Each Unit
consists of one common share of the Company (each, a "Common
Share") and one transferable Common Share purchase warrant
(each, a "Warrant"). Each Warrant entitles the
holder to purchase one additional Common Share for a period of
two (2) years from closing at a price of $0.45.
Proceeds from the Offering will be used to fund exploration at
La Adelita project in Sonora State, Mexico and the Hot Breccia project in
Arizona State, USA, and for general corporate purposes.
The securities issued in connection with the Tranche 2 Offering,
including any Common Shares issued upon exercise of the Warrants,
are subject to a four month restricted resale period that expires
on December 6, 2022 and applicable
securities legislation hold periods outside of Canada from the closing date.
Completion of the Tranche 2 Offering will be subject to all
necessary approvals, including the approval of the TSX-V.
The Company also announces it has entered into a shares for debt
settlement agreement (the "Settlement Agreement") with
an arm's length contractor, pursuant to which the Company will
issue 1,156,770 Common Shares at a deemed value of
$0.20 per Common Shares in full
satisfaction of mineral exploration services (the "Shares for
Debt").
The Common Shares issued in connection with the Settlement
Agreement will be subject to a four month restricted resale period
and applicable securities legislation hold periods outside of
Canada from the closing
date. The Shares for Debt arrangement will be subject to all
necessary approvals, including the approval of the TSX-V.
On Behalf of the Board of Directors of
INFINITUM COPPER CORP.
Steve Robertson
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
About Infinitum Copper
Backed by a strong team of industry veterans, Infinitum Copper
is advancing La Adelita project, where the Company has an option to
earn an 80% interest. The high-grade copper-silver-gold
La Adelita Project is located in Sonora and Sinaloa states in Mexico and is subject to a 2% NSR. La
Adelita is a high-grade copper-gold-silver, Carbonate Replacement
Deposit located in a mineralized district with a rich history.
Infinitum Copper also has an option to earn 100% interest in the
Hot Breccia project in the heart of the Arizona Copper Belt about
90km north of Tucson, AZ.
The Hot Breccia project is prospective for porphyry copper and
copper skarn mineralization.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" within
the meaning of Canadian securities legislation. The forward-looking
information contained in this press release represents the
expectations of the Company as of the date of this press release
and, accordingly, is subject to change after such date.
Forward-looking information is based on, among other things,
opinions, assumptions, estimates and analyses that, while
considered reasonable by the Company at the date the
forward-looking information is provided, are inherently subject to
significant risks, uncertainties, contingencies and other factors
that may cause actual results and events to be materially different
from those expressed or implied by the forward-looking information.
The risks, uncertainties, contingencies and other factors that may
cause actual results to differ materially from those expressed or
implied by the forward-looking information may include, but are not
limited to, risks generally associated with the Company's business,
as described in the Company's Filing Statement dated February 11, 2022. Readers should not place undue
importance on forward-looking information and should not rely upon
this information as of any other date. While the Company may elect
to, it does not undertake to update this information at any
particular time except as required in accordance with applicable
laws.
SOURCE Infinitum Copper Corp.
