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Doré Copper Announces Up to C$3 Million Private Placement of Flow-Through Shares

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/TORONTO, Aug. 7, 2020/CNW/ - DorA© Copper Mining Corp. (the "Corporation" or "DorA© Copper") (TSXV: DCMC) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp., on behalf of itself and a syndicate of agents including Red Cloud Securities Inc. (together, the "Agents"), in connection with a "best efforts" private placement (the "Offering") of up to approximately C$3 million of common shares of the Corporation ("Common Shares") that will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Federal Flow-Through Shares"), and, in relation to the Common Shares issued to residents of QuA©bec, section 359.1 of the Taxation Act (QuA©bec) (the "QuA©bec Flow-Through Shares" and together with the Federal Flow-Through Shares, the "Flow-Through Shares"). The Federal Flow-Through Shares will be issued to residents outside of QuA©bec at an issue price of C$1.12 per Federal Flow-Through Share and the QuA©bec Flow-Through Shares will be issued to residents of QuA©bec at an issue price of C$1.20 per QuA©bec Flow-Through Share.The Corporation has also granted the Agents an option, exercisable in whole or in part at any time up to 48 hours prior to closing of the Offering, which will allow the Agents to sell up to an additional $450,000 of Federal Flow-Through Shares and/or QuA©bec Flow-Through Shares on the same terms. The Corporation will use an amount equal to the gross proceeds received by the Corporation from the sale of the Flow-Through Shares, pursuant to the provisions in the Income Tax Act (Canada) and the Taxation Act (QuA©bec), to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") on or before December 31, 2021, and to renounce all the Qualifying Expenditures in favour of the subscribers of the Flow-Through Shares effective December 31, 2020. In addition, with respect to QuA©bec resident subscribers of the Flow-Through Shares who are eligible individuals under the Taxation Act (QuA©bec), the Canadian exploration expenses will also qualify for inclusion in the "exploration base relating to certain QuA©bec exploration expenses" within the meaning of section 726.4.10 of the Taxation Act (QuA©bec) and for inclusion in the "exploration base relating to certain QuA©bec surface mining expenses or oil and gas exploration expenses" within the meaning of section 726.4.17.2 of the Taxation Act (QuA©bec).The Offering is expected to close on or about August 25, 2020 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional acceptance of the TSX Venture Exchange. The Offering is being made by way of private placement in Canada. The securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.
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