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Fabled Copper arranges $1.5-million private placements
2023-04-12 13:07 ET - News Release
Mr. Peter Hawley reports
FABLED COPPER ANNOUNCES NON BROKERED PRIVATE PLACEMENTS FOR GROSS PROCEEDS OF UP TO CAD$1,500,000
Fabled Copper Corp. has arranged two concurrent non-brokered private placements to raise aggregate gross proceeds of up to $1.5-million.
The company expects to complete a consolidation all of its issued and outstanding common shares on the basis of one postconsolidated common share for every 10 preconsolidated common shares on or around April 13, 2023, as announced in its press release dated March 30, 2023. All per share prices mentioned below are on a postconsolidation basis.
The first of the two offerings will consist of the sale of up to 10 million flow-through units of the company at a price of 10 cents per FT unit for gross proceeds of up to $1-million. Each flow-through unit shall be composed of: (i) one common share of the corporation designated as a flow-through share under the Income Tax Act (Canada); and (ii) one common share purchase warrant. Each flow-through warrant will entitle the holder thereof to acquire one additional common share at a price of 15 cents per common share for a period of 24 months from the date of issuance.
The second of the two offerings shall consist of the sale of up to 6.25 million units of the company at a price of eight cents per conventional unit for gross proceeds of up to $500,000. Each conventional unit shall be composed of one common share and one common share purchase warrant. Each conventional warrant will entitle the holder thereof to acquire one additional common share at a price of 12 cents per common share for a period of 24 months from the date of issuance.
The gross proceeds from the issuance of the conventional units will be used for general working capital purposes and expenses. The gross proceeds from the issuance of the flow-through units will be used for Canadian exploration expenses, within the meaning of the Income Tax Act, which will be renounced with an effective date no later than Dec. 31, 2023, to the purchasers of the flow-through units in an aggregate amount not less than the gross proceeds raised from the issue of flow-through units.
The issuer may pay finder's fees to eligible finders in accordance with the policies of the Canadian Securities Exchange.
The offerings are subject to the receipt of all necessary approvals, including the acceptance and approval of the CSE. All securities issued pursuant to the offerings are subject to the statutory hold period that expires four months and one day from their issuance.
About Fabled Copper Corp.
Fabled is a junior mining exploration company. Its current focus is to create value for stakeholders through the exploration and development of its existing drill-ready copper properties located in Northern British Columbia.
The company's current property package consists of the Muskwa project and the Bronson property, and comprises approximately 16,219 hectares in three non-contiguous blocks, located in the Liard mining division of British Columbia. The company is seeking to broaden and diversify its portfolio. To this end, it has added two lithium claims (the VOLT 2 property) in Miquelon, Que., to its land package, and is seeking to add both the OHM property and the VOLT 1 property, each lithium properties, located in the Val D'Or and Miquelon areas of Quebec, respectively. The company is also seeking to add an additional high-grade gold and silver property, the TJ Ridge property in British Columbia, for which it has entered into a letter of intent.