Ottawa, Ontario--(Newsfile Corp. - May 4, 2017) - Carube Copper Corp. (TSXV: CUC) (the "Company") announces today that, subject to TSX Venture Exchange ("TSXV") approval, it intends to raise an aggregate of $1,365,000 by way of a non-brokered private placement of up to 13,000,000 Units of the Company ("Units") at a price of $0.105 per Unit (the "Offering").
Each Unit will be comprised of one common share in the capital of the Company (a "Common Share") and one half of one Common Share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant shall be exercisable into one Common Share at a price of $0.15 per Common Share for a period of two years from the closing date of the Offering.
The proceeds of the Offering will be used for copper and gold exploration and for general working capital purposes. The actual allocation of net proceeds may vary depending on future operations or unforeseen events or opportunities. The closing of the Offering is expected to occur on or before May 16, 2017, or such other date as the Company may determine (the "Closing Date").
Finders who source funds may earn a cash commission of up to 6% of the gross proceeds raised by such finder and may receive warrants ("Finder Warrants") entitling the finder to purchase that number of Units @ $0.105 per Unit equal to 6% of the number of Units sold by such finder.
Existing Shareholder Exemption
Depending on demand and regulatory requirements, a portion of the Offering may be made in accordance with the provisions of the existing shareholder exemption (the "Existing Shareholder Exemption") contained in Multilateral CSA Notice 45-313 and the various corresponding blanket orders and rules of participating jurisdictions, as well as the amendments to Rule 45-501 — Ontario Prospectus and Registration Exemptions in Ontario. In addition to conducting the Offering pursuant to the Existing Shareholder Exemption, it will also be conducted pursuant to the "Accredited Investor" and other available prospectus exemptions. The Company has set May 1, 2017, as the record date (the "Record Date") for the purpose of determining existing shareholders entitled to purchase the Units pursuant to the Existing Shareholder Exemption.
In the event that subscriptions received for the Offering based on available exemptions exceed the maximum Unit Offering of $1,365,000, the Company may seek to increase the size of the Offering and obtain Exchange approval for such an increase.
Any existing shareholders of the Company in possession of Common Shares as of the record date who are interested in participating in the Offering, should contact Darrell Munro by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. It is anticipated that officers, directors or other insiders of the Company may participate in the Offering.
