/NOT FOR DISSEMINATION IN OR INTO THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES./
VANCOUVER, BC, April 11,
2024 /CNW/ - Vizsla Copper Corp. (TSXV: VCU) (OTCQB:
VCUFF) (FRANKFURT: 97E0)
("Vizsla Copper" or the "Company") is pleased to
announce that it has closed its non-brokered private placement (the
"Private Placement"), previously announced on March 5, 2024 and March
18, 2024, issuing 38,460,995 units (the "Units") at a
price of $0.065 per Unit for gross
proceeds of CAD$2,499,962.08.
Each Unit consists of one common share of the Company (each, a
"Common Share") and one common share purchase warrant (each,
a "Warrant"). Each Warrant will entitle the holder thereof
to acquire one additional Common Share (a "Warrant Share")
at a price of $0.12 per Warrant Share
until the date which is 36 months from April
11, 2024.
The net proceeds of the Offering will be used for further
exploration and general working capital purposes.
In connection with the Offering, the Company paid the finders
fees of $50,483 cash and issued
776,654 finders warrants of the Company (the "Finders
Warrants"). Each Finders Warrant entitles the finder to
purchase one Common Share (a "Finder Warrant Share") at a
price of $0.12 per Finder Warrant
until the date which is 36 months from April
11, 2024.
The securities issued in connection with the Private Placement
are subject to a four-month and one-day hold period under
applicable Canadian securities laws. Closing of the Private
Placement is subject to final approval of the TSX Venture
Exchange.
Directors and officers of the Company subscribed for an
aggregate of 3,504,538 Units for gross proceeds of $227,794.97 under the Private Placement.
Participation by insiders of the Company in the Private Placement
constitutes a related-party transaction as defined under
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). The issuance of
securities is exempt from the formal valuation requirements of
Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101
as the common shares of the Company are listed on the TSX-V. The
issuance of securities is also exempt from the minority approval
requirements of Section 5.6 of MI 61-101 pursuant to Subsection
5.7(1)(b) of MI 61-101 as the fair market value was less than
$2,500,000.
The securities described herein 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 accordingly, may not be offered or sold within the United States except in compliance with
the registration requirements of the U.S. Securities Act and
applicable state securities requirements or pursuant to exemptions
therefrom. This press release does not constitute an offer to sell
or a solicitation to buy any securities in any jurisdiction.
Carruthers Pass Update
The Company has terminated the Carruthers Pass Option Agreement
with Cariboo Rose Resources, resulting in Cariboo Rose retaining
100% of the project. While the exploration potential for
volcanogenic massive sulphide base metal deposits on the project
remains high, it is not core to Vizsla Copper's current strategy of
exploration and development of porphyry-related copper-gold
deposits.
Copper Pit Acquisition
Update
The Company has received approval from the TSX Venture Exchange
for the Purchase Agreement entered into with Michael Langille (the "Vendor"),
previously announced on February 21,
2024. Vizsla Copper has issued 100,000 common shares (the
"Consideration Shares") to purchase two mineral claims
totalling 59.5 ha, free and clear of any encumbrances. The
Consideration Shares will be subject to a four-month hold period
pursuant to applicable Canadian securities laws, after which 25% of
the Consideration Shares will become free trading. In addition, the
Vendor has agreed to voluntary resale restrictions whereby an
additional 25% of the Consideration Shares will become free trading
every four months thereafter.
About Vizsla Copper
Vizsla Copper is a Cu-Au-Mo focused mineral exploration and
development company headquartered in Vancouver, Canada. The Company is primarily
focused on its flagship Woodjam project, located within the
prolific Quesnel Terrane, 55 kilometers east of the community of
Williams Lake, British Columbia.
It has three additional copper exploration properties: Copperview,
Trailbreaker and Redgold, all well situated amongst significant
infrastructure in British
Columbia. The Company's growth strategy is focused on the
exploration and development of its copper properties within its
portfolio in addition to value accretive acquisitions. Vizsla
Copper's vision is to be a responsible copper explorer and
developer in the stable mining jurisdiction of British Columbia, Canada and it is committed
to socially responsible exploration and development, working
safely, ethically and with integrity.
Vizsla Copper is a spin-out of Vizsla Silver Corp. and is backed
by Inventa Capital Corp., a premier investment group founded in
2017 with the goal of discovering and funding opportunities in the
resource sector. Additional information about the Company is
available on SEDAR+ (www.sedarplus.ca) and the Company's website
(www.vizslacopper.com).
Qualified Person
The Company's disclosure of technical or scientific information
in this press release has been reviewed and approved by
Ian Borg, P.Geo., Senior Geologist
for Vizsla Copper. Mr. Borg is a Qualified Person as defined under
the terms of National Instrument 43-101.
Neither the 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.
FORWARD LOOKING
STATEMENTS
The information contained herein contains "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is not
limited to, statements with respect to the activities, events or
developments that the Company expects or anticipates will or may
occur in the future, including, without limitation, planned
exploration activities. Generally, but not always, forward-looking
information and statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or the negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof. Forward-looking
statements in this news release include, among others, statements
relating to: obtaining the required regulatory approvals for the
Offering; ; the intended use of proceeds of the Offering; the
Company's growth and business strategies; and the exploration and
development of the Company's properties.
Such forward-looking information and statements are based on
numerous assumptions, including among others, that the results of
planned exploration activities are as anticipated, the anticipated
cost of planned exploration activities, that general business and
economic conditions will not change in a material adverse manner,
that financing will be available if and when needed and on
reasonable terms, that third party contractors, equipment and
supplies and governmental and other approvals required to conduct
the Company's planned exploration activities will be available on
reasonable terms and in a timely manner. Although the assumptions
made by the Company in providing forward-looking information or
making forward-looking statements are considered reasonable by
management at the time, there can be no assurance that such
assumptions will prove to be accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ
materially from any projections of future events or results
expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, the limited
operating history of the Company, the influence of a large
shareholder, aboriginal title and consultation issues, reliance on
key management and other personnel, actual results of exploration
activities being different than anticipated, changes in exploration
programs based upon results, availability of third party
contractors, availability of equipment and supplies, failure of
equipment to operate as anticipated; accidents, effects of weather
and other natural phenomena and other risks associated with the
mineral exploration industry, environmental risks, changes in laws
and regulations, community relations and delays in obtaining
governmental or other approvals.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company
undertakes no obligation to update or reissue forward-looking
information as a result of new information or events except as
required by applicable securities laws.
SOURCE Vizsla Copper Corp.