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TSX.V: COCO
VANCOUVER, BC, Nov. 16, 2021 /CNW/ - Coast Copper Corp. ("Coast Copper" or the "Company") (TSXV: COCO) (formerly Roughrider Exploration Limited) is pleased to announce that due to strong investor demand, it has increased its previously announced non-brokered private placement (the "Offering") (see news release dated November 5, 2021) from 8,000,000 flow-through units (the "FT Units") of the Company at a price of $0.13 per unit for gross proceeds of up to $1,040,000 to up to 8,961,539 FT Units for gross proceeds of up to $1,165,000. The previously announced 5,000,000 non flow-through units (the "NFT Units") of the Company at an issue price of $0.10 per NFT Unit for gross proceeds of up to $500,000 will remain unchanged. The composition and terms of the NFT and FT Units has not changed so please refer to the Company's November 5, 2021 news release for details.
The gross proceeds raised from the issuance of FT Units will be used by Coast Copper to incur eligible Canadian exploration expenses ("CEE") that will qualify as FT mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the Company's projects in British Columbia. The Company will renounce such CEE with an effective date of no later than December 31, 2021, with CEE to be incurred prior to December 31, 2022. The net proceeds from the issuance of NFT Units will be used for working capital and general corporate purposes.
The Offering remains subject to the approval of the TSX Venture Exchange ("Exchange"). All securities issued in the Offering will be subject to a statutory hold period of four months and a day from the Offering's closing date. The Company may pay finders fees in accordance with the rules and policies of the Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Coast Copper Corp.
Coast Copper's exploration focus is the optioned Empire Mine Property, located on Northern Vancouver Island, B.C., which covers three historical open pit mines and two past-producing underground mines that yielded iron, copper, gold and silver. Coast Copper's other properties include its 100% owned Eldorado, Gin and Bonanza properties located in the Golden Triangle of northern B.C. which are adjacent to the Red Chris Mine, the Knob Hill NW Property located on northern Vancouver Island and the 100% owned Sterling, Sandy and Home Brew properties which are located in central B.C. Coast Copper's management continues to review precious and base metals opportunities in western North America.
On Behalf of the Board of Directors:
"Adam Travis"
Adam Travis, Chief Executive Officer and Director
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information regarding the proposed Transaction, private placement, board and management changes, as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by Coast Copper, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although Coast Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.
SOURCE Coast Copper Corp.
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