Copper Standard Closes Final Tranche of Oversubscribed Private Placement
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Vancouver, British Columbia--(Newsfile Corp. - January 22, 2024) - Copper Standard Resources Inc. (CSE: CSR) ("Copper Standard" or the "Company") announces that further to its press releases dated December 1, 2023, December 19, 2023 and December 22, 2023, the Company has closed the second and final tranche (the "Final Tranche") of its non-brokered private placement (the "Private Placement") on January 19, 2024. Under the Final Tranche, the Company issued 3,388,877 units ("Units") at a price of $0.45 per Unit for gross proceeds of $1,524,994.65. Pursuant to the Private Placement, the Company issued an aggregate of 11,154,964 Units at a price of $0.45 per Unit for total gross proceeds of $5,019,733.80.
Each Unit is comprised of one common share ("Share") and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one additional Share of the Company at an exercise price of $0.90 per Share for a period of five years following the issuance of the Units.
The Company intends on using the net proceeds of the Private Placement as indicated in its amended offering document dated December 19, 2023. No finder's fees were paid in connection with the Final Tranche.
Marcel de Groot, President and CEO of the Company commented, "We were pleased to see such strong support in this financing with demand well in excess of what we raised. The primary use of the proceeds will be to advance Colpayoc and working capital purposes, as we anticipate drilling later in this quarter."
The securities distributed under the Private Placement were issued in accordance with applicable Canadian securities laws.
About Copper Standard Resources Inc.
Copper Standard is a resource-stage mining company with a focus on copper and gold, with an option to acquire 100% of the Colpayoc Property in Peru. Colpayoc has significant, untested potential for supergene and porphyry copper - gold mineralization at depth, beneath drill holes bottoming in oxide gold-copper mineralization. Colpayoc is largely untested with limited drilling and is similar to many of the world class porphyry copper-gold deposits within the prolific Yanacocha District. Copper Standard continues to evaluate opportunities in the mineral sector on an ongoing basis.
For more information about Copper Standard, please visit our website at www.copperstandard.com or email us at [email protected].
Marcel de Groot, President & Director
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.