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Kutcho Copper (TSXV:KC) raises $2M for feasibility study at Kutcho project

Mining
TSX:KC
24 September 2020 15:22 (EDT)

Kutcho Copper (KC) has raised C$2.2 million in a private placement to fund a feasibility study at its Kutcho Project in British Columbia.

Under the terms of the placement, which was announced on September 1 and upsized on September 14, the Vancouver-based company issued a total of 11 million units at a price of $0.20 each.

These units are comprised of one common share in Kutcho Copper and half of one transferable common share purchase warrant. Each whole warrant will be exercisable at a price of $0.30 per share for a period of two years from the date of issuance.

In connection with the financing, a finder’s fee totalling $85,155 in cash and 425,775 non-transferable warrants were issued to certain brokers as consideration for their services.

All of the share issued under the placement will be subject to a mandatory holding period of four months and one day, which expires on January 24, 2021.

The proposed feasibility study comes as part of Kutcho Copper’s efforts to progress its Kutcho Project towards permitting and, ultimately, production.

It’s located approximately 100 kilometres east of Dease Lake in the Liard mining division of northern British Columbia, and consists of one mining lease and 46 mineral exploration claims over an area of roughly 17,060 hectares.

Earlier this month, Vince Sorace, President and CEO of Kutcho Copper, said the project is uniquely positioned with a clear path for future work.

“Kutcho Copper continues to advance and de-risk its high-grade copper development project.

“Proceeds from this financing will allow the company to initiate this next crucial milestone in the continued development of the Kutcho Copper Project as we progress the project towards production,” he added.

Kutcho Copper (KC) is currently down 1.85 per cent and is trading at 26 cents per share at 2:24pm EDT.

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