/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
VANCOUVER, BC, June 19, 2024 /CNW/ - Vizsla Copper Corp. (TSXV:
VCU) (OTCQB: VCUFF) ("Vizsla Copper" or the
"Company") is pleased to announce the closing of its
previously announced marketed best efforts brokered private
placement (the "Offering") for aggregate gross proceeds
of approximately C$5,463,000. Under
the Offering, the Company sold 9,379,088 units of the Company (the
"Units") at a price of C$0.11
per Unit and 36,923,800 flow-through units of the Company (the
"FT Units", and together with the Units, the "Offered
Units") at a price of C$0.12 per
FT Unit.
Each Unit consists of one common share of the Company (each, a
"Unit Share") and one half of one common share purchase
warrant (each whole warrant, a "Warrant"). Each FT Unit
consists of one common share of the Company to be issued as a
"flow-through share" within the meaning of the Income Tax
Act (Canada) (each, a "FT
Share") and one half of one Warrant. Each whole Warrant shall
entitle the holder to purchase one common share of the Company
(each, a "Warrant Share") at a price of $0.16 at any time on or before June 19, 2026.
Chairman and CEO Craig Parry
commented "The upsizing and closing of this financing demonstrate
the strong support for what we are building at Vizsla Copper. We've
recently seen the copper price rise to an all-time high, reflecting
the tightness of the copper market. Economists forecast that copper
will be in increasingly short supply for years to come, and higher
copper prices will ensue. In this environment, copper projects in
safe, stable jurisdictions like ours in British Columbia will become more prized and
valuable over coming years. We will update the market in the near
future on our upcoming fully funded drill program at the highly
prospective Woodjam Copper-Gold Project in central British Columbia."
The Offering was conducted by Red Cloud Securities Inc. (the
"Lead Agent"), acting as lead agent and sole bookrunner, and
Agentis Capital Markets Limited Partnership (collectively, the
"Agents"). In connection with the Offering, the
Company paid to the Agents a cash commission of C$285,729.35 and issued 2,404,580 broker warrants
(the "Broker Warrants"). Each Broker Warrant is
exercisable into one common share of the Company at a price of
$0.11 per share at any time on or
before June 19, 2026.
The Company intends to use the net proceeds from the sale of
Units for working capital and general corporate purposes. The gross
proceeds from the sale of the FT Units will be used by the Company
to incur eligible "Canadian exploration expenses" that will qualify
as "flow-through mining expenditures" as such terms are defined in
the Income Tax Act (Canada)
(the "Qualifying Expenditures") related to the Company's
projects in British Columbia,
Canada. All Qualifying Expenditures will be renounced in
favour of the subscribers of the FT Units effective December 31, 2024.
The Offered Securities are subject to a four-month and one day
hold period under applicable Canadian securities laws. Closing of
the Offering is subject to final approval of the TSX Venture
Exchange (the "TSX-V").
Directors and officers of the Company subscribed for an
aggregate of 1,563,636 Units and 3,241,667 FT Units for gross
proceeds of $561,000 under the
Offering. Participation by insiders of the Company in the Offering
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.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy 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 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,
Redgold and Carruthers Pass, all
well situated amongst significant infrastructure in British Columbia. Following closing of the
Arrangement, Vizsla Copper will control a fifth project, the Poplar
Project. 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.
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; the
intended use of proceeds of the Offering; the incurrence of
Qualifying Expenditures and the renouncement of such expenditures;
exploration and development of the Company's properties; and the
Company's growth and business strategies.
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.