(TheNewswire)
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July 29, 2024 – TheNewswire- VANCOUVER, British Columbia – Interra Copper Corp. (CSE: IMCX; FRA:3MX) (“ Interra ” or the “ Company ”) ispleased to announce that, further to its news release dated July 19,2024, it has closed its non-brokered private placement (the“ PrivatePlacement ”) issuing anaggregate of 999,933 units (the “ Units ”, and each, a“ Unit ”) at a price of $0.12 per Unit for proceeds of$119,991.96, and issuing an aggregate of 1,114,424 units (the “ DebtSettlement Units ”) at a deemed value of $0.12per Debt Settlement Share to satisfy an aggregate of $133,730.88 inbona fide debt.
CEO Brian Thurston commented, “We are incrediblygrateful to everyone who has supported us in the last two financingrounds closed this month. The trust and confidence from both investorsand insiders speaks to the quality of Interra Copper’s projects andmanagement. We are now well financed to advance both our BC projectsand look forward to achieving significant results during our upcomingdrill program to create value for all shareholders.”
Each Unit consists of one (1) common share of theCompany (a “ Share ”) and one-half (1/2) of one (1) Sharepurchase warrant, whereby each whole Share purchase warrant (a“ Warrant ”) is convertible into an additional Share (a“ Warrant Share ”) at an exercise price of $0.15 per Warrant Share. EachWarrant will expire on July 26, 2025, being the date that is one (1)year following the date of issuance.
Proceeds from the Private Placement are intended forexploration activities and general working capital purposes. All securities issued in connection with thePrivate Placement are subject to a statutory hold period expiringNovember 27, 2024, being the date that is four months and one day fromthe date of issuance.
No finder’s fees were paid in connection with thePrivate Placement.
Pursuant to the Private Placement, the Company issuedan aggregate of 375,000 of the Debt Settlement Units with a totaldeemed value of $45,000 to certain insiders of the Company, namelyBrian Thurston, Chief Executive Officer and Director of the Company,Jason Nickel, Director of the Company, and Mark Cruise, Director ofthe Company, each receiving 125,000 Shares (deemed value of $15,000).The participation by the insiders of the Company in the PrivatePlacement constitutes a "related party transaction" asdefined under Multilateral Instrument 61-101 Protection of Minority Security Holders inSpecial Transactions (“ MI 61-101 ”). TheCompany is relying on the exemptions from the valuation and minorityshareholder approval requirements of MI 61-101 contained in sections5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value ofthe Debt Settlement Shares issued to the insiders, nor theconsideration for/deemed value of such Debt Settlement Shares exceeds25% of the Company's market capitalization. The Company did not file amaterial change report in respect of the related party transaction atleast 21 days before the closing of the Private Placement, which theCompany deems reasonable in the circumstances in order to complete thePrivate Placement in an expeditious manner.
The securities described herein have not beenregistered under the United States Securities Act of 1933, as amended(the " U.S. SecuritiesAct "), or any state securities laws, andmay not be offered or sold absent registration or compliance with anapplicable exemption from the registration requirements of the U.S.Securities Act and applicable state securities laws. This news releaseshall not constitute an offer to sell or the solicitation of an offerto buy nor shall there be any sale of the securities in any State inwhich such offer, solicitation or sale would be unlawful.
On behalf of the Board of InterraCopper Corp.
Brian Thurston, P.Geo.
Chief Executive Officer andDirector
Tel: 778-949-1829
For further informationcontact:
Katherine Pryde
Investor Relations
investors@interracoppercorp.com
Forward Looking Information
This news release contains certain “forward-lookinginformation” and “forward-looking statements” (collectively“ forward-lookingstatements ”) within the meaning of applicablesecurities legislation. Forward-looking statements are frequently, butnot always, identified by words such as “expects”,“anticipates”, “believes”, “intends”, “estimates”,“potential”, “possible”, and similar expressions, orstatements that events, conditions, or results “will”, “may”,“could”, or” should” occur or be achieved. All statements,other than statements of historical fact, included herein, withoutlimitation, relating to the expected use of proceeds from the PrivatePlacement, are forward-looking statements. There can be no assurancethat such statements will prove to be accurate, and actual results andfuture events could differ materially from those anticipated in suchstatements. Forward-looking statements reflect the beliefs, opinionsand projections on the date the statements are made and are based upona number of assumptions and estimates that, while consideredreasonable by Interra, are inherently subject to significant business,economic, competitive, political and social uncertainties andcontingencies. Many factors, both known and unknown, could causeactual results, performance or achievements to be materially differentfrom the results, performance or achievements that are or may beexpressed or implied by such forward-looking statements and theparties have made assumptions and estimates based on or related tomany of these factors. Such factors include, without limitation, risksassociated with possible accidents and other risks associated withmineral exploration operations, the risk that the Company willencounter unanticipated geological factors, risks associated with theinterpretation of exploration results, the possibility that theCompany may not be able to secure permitting and other governmentalclearances necessary to carry out the Company's exploration plans, therisk that the Company will not be able to raise sufficient funds tocarry out its business plans, and the risk of political uncertaintiesand regulatory or legal changes that might interfere with theCompany's business and prospects. Readers should not place unduereliance on the forward-looking statements and information containedin this news release concerning these items. Interra does not assumeany obligation to update the forward-looking statements of beliefs,opinions, projections, or other factors, should they change, except asrequired by applicable securities laws.
The Canadian Securities Exchange has not reviewed,approved or disapproved the contents of this press release, and doesnot accept responsibility for the adequacy or accuracy of thisrelease.
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