King Copper closes $15-million private placement

Executive Summary

• King Copper Discovery Corp. closed a non‑brokered private placement raising approximately $15 million from the issuance of 65,217,390 common shares at C$0.23 per share.
• Net proceeds will be used to fund exploration drilling at the Colquemayo copper‑gold project and for general working capital.
• A strategic investor now holds ~9.99 % of the company and received board nomination rights; insiders purchased 300,000 shares for $69,000, qualifying as related‑party transactions under MI 61‑101.

Key Details

• Gross proceeds: ≈ C$15 million from 65,217,390 common shares at C$0.23 each.
• Net use of proceeds: Advance exploration (including diamond drilling) on the flagship Colquemayo project and working capital.
• Strategic investor ownership: ~9.99 % undiluted; granted rights to participate in future equity financings and nominate board members (one seat, or two if board expands to ≥8 directors).
• Insider participation: Director + corporate subscriber (controlled by an officer) bought 300,000 shares for C$69,000; treated as related‑party transaction under MI 61‑101.
• Regulatory exemptions: Exempt from valuation and minority approval per MI 61‑101 subsections 5.5(a) and 5.7(1)(a) because the insider purchase is ≤25 % of market cap.
• Statutory hold period: Shares subject to a four‑month plus one day hold, expiring January 16, 2026.
• Finder’s fees paid: C$111,141 to eligible arm’s‑length finders.
• Adviser: Eventus Capital Corp. acted as financial adviser to King Copper.
• Exchange approval: Private placement pending final approval of the TSX Venture Exchange.

Notable Quotes

(No executive quotes were included in the release.)