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TORONTO, Dec 24, 2020 (GLOBE NEWSWIRE) – Doré Copper Mining Corp. (the “society” or “Golden Copper“) (TSXV: DCMC, OTCQB: DRCMF) is pleased to announce that it has closed a first tranche of its previously announced non-brokered private placement (the”Offer“), pursuant to which the company sold a total of 5,800,378 ordinary shares in the capital of the company (“Offered shares“) at a price of CA $ 0.68 per offered share for total gross proceeds of CA $ 3,944,257.04. A second tranche of the offering is expected to close in January.
Cormark Securities Inc., Paradigm Capital Inc., Haywood Securities Inc. and Red Cloud Securities Inc. acted as intermediaries (each, a “Searcher“) in respect of the initial portion of the offering. In consideration for its role as intermediary for the initial portion of the offering, the Company paid $ 223,889.55 in cash finders’ fees, representing 6% of the gross proceeds of the Offered Shares which were sold to subscribers introduced by these parties and issued a total of 329,249 non-transferable warrants (the “Researcher’s warrants“) to purchase ordinary shares in the capital of the company (the”Investor Warrants Shares“) to Finders, representing 6% of the Offered Shares which were sold to subscribers introduced by these parties, each warrant being exercisable for one Finder’s Warrant Share at a price of CA $ 0.68 per Finder’s Warrant Share up to until December 23, 2022.
Laurie Gaborit, an officer of the company, subscribed for 15,000 shares offered under the initial tranche of the placement on the same terms as the arm’s length investors. Ms. Gaborit’s participation in the Offer constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101The company is exempt from the obligation to obtain a formal assessment or approval from the minority shareholders in connection with the placement based on Articles 5.5 (a) and 5.7 (1) (a) respectively of the Regulations. 61-101, as neither the fair market value of the securities issued to Ms. Gaborit nor the fair market value of the consideration for the securities issued to Ms. Gaborit exceeds 25% of the market capitalization of the company calculated in accordance with NI 61-101. not file a material change report more than 21 days before the planned closing date of the offering, as the aforementioned insider participation had not been confirmed at that time and the company wanted to close the offering as quickly as possible.
The Company intends to use the net proceeds of the Offering to fund project milestone payments, exploration and development activities and general working capital costs.
The securities issued in connection with the closing of the initial tranche of the offering are subject to a hold period under applicable Canadian securities laws which will expire on April 24, 2021. The offering is subject to final acceptance of the offering. TSX Venture Exchange.
The securities offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, in the United States, or on or on behalf of or for the benefit of United States persons, in the absence of registration or exemption from these registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any state of the United States where such an offer, solicitation or sale would be illegal.
About Doré Copper
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau region of Quebec, Canada. Doré Copper consolidated a large set of land in the prolific Lac Doré / Chibougamau mining camp which historically produced 1.6 billion pounds of copper and 3.2 million ounces of gold. In addition, the Company opted for the high-grade Joe Mann gold mine (historic production of 1.17 M oz at 8.26 g / t Au). The land complex includes 12 legacy mines, deposits and target resource areas within 60 kilometers of the Company’s 2,700 t / d plant (Copper Rand plant).
The Company’s objective is to create a profitable star operation with its high grade copper-gold assets. The Company’s current objective is to develop mineral resources and sequentially redevelop the high grade Corner Bay (Cu-Au), Cedar Bay (Au-Cu), Joe Mann (Au) and Copper Rand (Au-Cu) deposits. ). The ongoing 35,000-meter fully Company-funded drilling program for 2020 and early 2021 is expected to lead to an updated mineral resource estimate and a Preliminary Economic Assessment (PEA) in 2021.
For more information on Doré Copper, please visit the Company’s website at www.dorecopper.com or view Doré Copper’s SEDAR filings at www.sedar.com.
For more information, please contact:
Laurie Gaborit
VP Investor Relations
Telephone: (416) 219-2049
Email: [email protected]
Caution regarding forward-looking statements
This press release includes certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the terms of the offering, the use of the proceeds of the offering, the timing and ability of the Company to close a second tranche of the offering, the timing and the ability to the company to receive the necessary regulatory approvals, including final acceptance by the TSX Venture Exchange, as well as the company’s plans, operations and prospects. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although considered reasonable, are subject to risks, uncertainties and other known and unknown factors which may cause actual results and events to occur. futures differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to: general uncertainties about business, economy, competition, politics, and society; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
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 press release.
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