/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, March 23, 2018 /CNW/ - Chakana Copper
Corp. (TSX-V: PERU; OTC: CHKKF;
FWB: 1ZX)
(the "Company" or "Chakana") is
pleased to announce that, further to its news releases on
March 8 and 12, 2018, it has
successfully closed a private placement led by Eventus Capital
Corp. (the "Agent") of 8,888,889 common shares of the
Company (the "Shares") at a price of $0.90 per Share (the "Offering Price") for
gross proceeds of approximately $8.0
million (the "Offering").
Chakana Copper President and CEO,
David Kelley stated: "We are happy
to welcome Macquarie Bank Ltd. and other major institutional
investors in this round of financing. This is an exciting time for
Chakana as we continue to expand our drill program at Soledad."
The Company intends to use the net proceeds of the Offering to
fund the expansion of its exploration program at Chakana's Soledad
copper gold project located in Peru and for general working capital
purposes.
In connection with the Offering, the Company paid the Agent a
cash fee of approximately $373,250.
Additionally, the Company issued 391,000 broker warrants to the
Agent (the "Broker Warrants"), with each Broker Warrant
entitling the holder to purchase one Share at an exercise price of
$0.90 for a period of 24 months
following the date of issuance.
All securities issued in connection with the Offering are
subject to a four month and one day hold expiring July 24, 2018.
The Offering remains subject to final approval of the TSX
Venture Exchange.
ON BEHALF OF THE BOARD
(signed) "David
Kelley"
David Kelley
President and CEO
Neither TSX Venture Exchange (the "Exchange") nor its
Regulation Services Provider (as that term is defined in the
policies of the Exchange) accepts responsibility for the adequacy
or accuracy of this release.
This news release contains forward-looking statements,
including the use of the net proceeds from the Offering, and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact included in
this release are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such
statements.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company does not intend
to update any of the included forward-looking statements except as
required by Canadian securities laws.
SOURCE Chakana Copper Corp