Vancouver, British Columbia--(Newsfile Corp. - July 8, 2024) - Sonoran Desert Copper Corporation (TSXV: SDCU) ("SDCU'' or the "Company") is pleased to announce that the Company has filed documents with the TSX Venture Exchange seeking approval to close its private placement financing (the "Financing") for aggregate gross proceeds of $1,010,750. The Financing consists of 10,107,500 units (the "Units"), each Unit consisting of one common share of the Company and one common share purchase warrant (a "Warrant"), with each Warrant being exercisable for one additional common share of the Company at an exercise price of $0.25 for 24 months from the date of issue, subject to the right of the Company to accelerate the exercise period to 30 days if, after the expiry of the 4 month hold, common shares of the Company close at or above $0.50 for 10 consecutive trading days.
There are three (3) insiders subscribing to the Financing for $150,000 or 1,500,000 Units, that portion of the Financing is a "related party transaction" as such term is defined under MI 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization. All securities issued pursuant to the Financing will be subject to a four-month and one-day hold period.
| USE OF PROCEEDS | ||||||
| Project Payments | $ | 156,550 | ||||
| Work Programs | $ | 236,000 | ||||
| Accrued Expenditures | $ | 136,000 | ||||
| Legal Fees + Auditor | $ | 101,301 | ||||
| Operations & G&A | $ | 380,899 | ||||
| $ | 1,010,750 |
ABOUT SONORAN DESERT COPPER CORPORATION
Sonoran Desert Copper Corporation is focused on securing, developing and monetizing materials assets and technologies to build shareholder value.
On behalf of the Board of Directors of
SONORAN DESERT COPPER CORPORATION
"Brian Leeners"
Brian Leeners, CEO & Director
This email address is being protected from spambots. You need JavaScript enabled to view it. / +1 604-862-4184 (WhatsApp)
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
