Sonoran Desert closes reworked placement for $1.01M
Vancouver, British Columbia–(Newsfile Corp. – July 12, 2024) – Sonoran Desert Copper Corporation (“SDCU” or the “Company”) (TSXV: SDCU) further to its July 8, 2024 news release, the Company is pleased to announce that it has closed its private placement financing (the “Financing”) for aggregate gross proceeds of $1,010,750.
The Company has issued 10,107,500 units (the “Units”), each Unit consisting of one common share of the Company and one common share purchase warrant (a “Warrant”), with each Warrant being exercisable for one additional common share of the Company at an exercise price of $0.25 for 24 months from the date of issue, subject to the right of the Company to accelerate the exercise period to 30 days if, after the expiry of the 4 month hold, common shares of the Company close at or above $0.50 for 10 consecutive trading days.
Three (3) insiders subscribed to the Financing for $150,000 or 1,500,000 Units, that portion of the Financing being a “related party transaction” as such term is defined under MI 61-101 Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company’s market capitalization.
All securities issued pursuant to the Financing are subject to a four-month and one-day hold period.
Proceeds of the Financing will be used towards the Company’s work programs, accrued expenditures, and operational expenses.
The Financing is subject to final TSX Venture Exchange approval.
The Company further announces that a private placement announced November 21, 2023, updated February 13, 2024 of up to 2,500,000 $0.20 units for proceeds of up to $500,000, and a private placement announced February 27, 2024, updated June 27, 2024 of up to 10,000,000 $0.10 units for proceeds of up to $1,000,000, have been cancelled.
Further to the Company’s February 27, 2024 news release regarding an MOU with Envirotek Remediation and March 14, 2024 news release regarding an option on the Normanby project, both projects are still in the due diligence stage and will be filed in accordance to TSX Venture Exchange policies in due course.
ABOUT SONORAN DESERT COPPER CORPORATION
Sonoran Desert Copper Corporation is focused on securing, developing and monetizing materials assets and technologies to build shareholder value.
On behalf of the Board of Directors of
SONORAN DESERT COPPER CORPORATION
“Brian Leeners”
Brian Leeners, CEO & Director
brianleeners@gmail.com / +1 604-862-4184 (WhatsApp)
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
