(TheNewswire)
Vancouver, B.C. - TheNewswire - October 13, 2020 -Consolidated Woodjam Copper Corp. (TSXV:WCC) (" Woodjam " or the " Company ")annou n ces that it has closed the private placement announced onSeptember 3, 2020 and again on September 22, 2020.
Closing consisted of the issuance of 7,870,000 non flowthrough units at a price of $0.10 per unit and 4,258,331 flow throughshares at a price of $0.12 per flow through share, for totalconsideration of $1,298,000. Each unit consists of one common shareand one share purchase warrant (the " Warrant "), witheach Warrant entitling the holder to purchase one additional commonshare at a price of $0.15 until October 2, 2021. The proceeds will be used by Woodjam Copper to finance anexploration program at its 100% owned Woodjam project and for generalworking capital.
Woodjam paid a cash fee totaling $49,200 and issued451,700 Warrants to arm's-length finders in connection with thisprivate placement.
All of the securities issued pursuant to this privateplacement, including any shares issued pursuant to the exercise of theWarrants forming part of the units, are subject to a hold period whichexpires on February 3, 2021.
Glen Garratt, an insider of the company, purchased100,000 flow through common shares pursuant to the private placement,on the same terms as arm length investors. The participation of Mr.Garratt constitutes a related party transaction as defined underMultilateral Instrument 61-101. The company is exempt from therequirements to obtain a formal valuation or minority shareholderapproval in connection with the private placement under sections5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value ofthe securities issued to Mr. Garratt nor the fair market value of theconsideration for the securities issued to Mr. Garratt exceeds 25 percent of the company's market capitalization as calculated inaccordance with MI 61-101. The company did not file a material changereport more than 21 days before the expected closing date of theprivate placement as the aforementioned insider participation had notbeen confirmed at that time and the company wished to close theprivate placement as expeditiously as possible.
About Woodjam Copper
Woodjam Copper (TSX-V: WCC) trades on the TSX Venture Exchange and owns a 100% interestin the 64,000 hectare Woodjam copper goldporphyry project located in south-central British Columbia approximately 50 kmeast of the community of Williams Lake in a low elevation flat toundulating landscape, well accessed by logging roads and in closeproximity to hydro power.
For more information on Woodjam please visit theCompany's website at: http://www.woodjamcopper.com
On behalf of Consolidated Woodjam Copper Corp.
David M Douglas, CPA, CA
CFO and Director
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