Marimaca Completes $30.9 Million Non-Brokered Private Placement
March 01 2021 - 7:27PM
Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) announced today it
has completed a non-brokered private placement pursuant to which it
has issued 9,377,273 units (“Units”) at a price of $3.30 per Unit
for aggregate gross proceeds of $30,945,000. Each Unit is comprised
of one common share of the Company (a "Common Share") and one-half
of one Common Share purchase warrant of the Company (each whole
warrant, a "Warrant"). Each Warrant entitles the holder thereof to
purchase one additional Common Share at an exercise price of $4.10
at any time up to and including December 3, 2022. The proceeds of
the private placement will be used to advance the Company's
Marimaca Project and for working capital purposes.
In connection with the private placement, the
Company will issue to certain eligible persons an aggregate of
181,545 Common Shares, representing 2% of the number Units issued
pursuant to the private placement, in consideration for services
rendered in connection with introducing the Company to investors
who participated in the private placement.
The Company also announced that Greenstone
Resources II LP and Greenstone Co-Investment No. 1 (Coro) LP
(collectively, "Greenstone") have elected to acquire 4,205,333
Units pursuant to the exercise of pre-emptive rights, resulting in
additional gross proceeds to the Company of approximately $13.9
million. The issuance of additional Units to Greenstone is expected
to be completed on or about March 11, 2021.
All securities issued pursuant to the private
placement, including the Common Shares issued in consideration for
services rendered in connection with introducing the Company to
investors, will be subject to a four month hold period commencing
on the applicable issue date.
This news release does not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the Units in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to qualification or
registration under the securities laws of any such jurisdiction.
This news release does not constitute an offer of securities for
sale in the United States. The Units have not been, nor will they
be, registered under the United States Securities Act of 1933, as
amended, and such Units may not be offered or sold within the
United States absent registration under U.S. federal and state
securities laws or an applicable exemption from such U.S.
registration requirements.
Contact InformationFor further information
please visit www.marimaca.com or contact:
Tavistock+44 (0) 207 920
3150Jos Simson/Emily Mossmarimaca@tavistock.co.uk
Forward Looking Statements
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation, including statements related to the anticipated use of
the proceeds from the sale of the Units and the potential issuance
of additional Units to Greenstone. Actual future results may differ
materially. 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.
Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon
a number of assumptions and estimates that, while considered
reasonable by Marimaca Copper, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance or achievements to
be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements and the parties have made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation: risks related to share price
and market conditions, the inherent risks involved in the mining,
exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices, the possibility of
project delays or cost overruns or unanticipated excessive
operating costs and expenses, uncertainties related to the
necessity of financing, the availability of and costs of financing
needed in the future as well as those factors disclosed in the
annual information form of the Company dated April 8, 2020, the
final short form base prospectus and other filings made by the
Company with the Canadian securities regulatory authorities (which
may be viewed at www.sedar.com). Accordingly, readers should not
place undue reliance on forward-looking statements. Marimaca Copper
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements contained herein whether as a result of
new information or future events or otherwise, except as may be
required by law.
Neither the Toronto Stock Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibilityfor the adequacy or accuracy of this release.
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