Vancouver, British Columbia--(Newsfile Corp. - June 3, 2024) - Bell Copper Corporation (TSXV: BCU) ("Bell Copper" or the "Company") is pleased to announce that further to its news release of April 30, 2024, the Company has now closed a first tranche of its non-brokered private placement (the "Financing").
In the first tranche, a total of 2,006,530 units ("Units") were issued in the Financing at a price of $0.08 per Unit, raising total gross proceeds of $160,522.50. Each Unit consists of one common share and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one additional common share at a price of $0.12 per share for a period of twelve months from the date of closing of the Financing ("Closing").
The securities issued by the Company in the first tranche are subject to a statutory hold period which expires on October 1, 2024. Funds raised from the Financing will be used for the ongoing drilling and exploration program at the Company's 100% owned Big Sandy Porphyry Copper Project and for general working capital.
A director of the Company participated in the Offering for a total of 50,000 Units, which participation constituted a "related party transaction" for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in completing the Financing with the director, on the basis that the fair market value of such participation was less than 25% of Bell's current market capitalization.
The Company is also pleased to announce that a second tranche of the Financing is in process, which will include participation by Crescat Capital LLC ("Crescat"), a >10% insider and significant shareholder of the Company, in accordance with their participation agreement with Bell Copper. Crescat's participation will also constitute a "related party transaction" for the purposes of MI 61-101 and the Company will rely upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in completing the second tranche of the Financing with Crescat, on the basis that the fair market value of Crescat's participation will also be less than 25% of Bell's current market capitalization
About Bell Copper
Bell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in Arizona. Bell Copper is exploring its 100% owned Big Sandy Porphyry Copper Project and the Perseverance Porphyry Copper Project which is under a Joint Venture - Earn In.