NOT FOR DISSEMINATION IN THE UNITED STATES
Marimaca Copper Announces a CAD$7.3 million Private Placement
September 11, 2017, Marimaca Copper Corp. (“Coro” or the “Company”) (TSX Symbol: COP) announces a non-brokered private placement financing of up to 56,067,692 common shares at a price of CA$0.13 to raise gross proceeds of up to CAD$7.3 million (the “Private Placement”). The main use of proceeds will be to complete a Definitive Feasibility Study ( “DFS”) at the Company’s Marimaca copper development project in Chile, including geotechnical, metallurgical and infill drilling, to earn Marimaca’s 75% interest in the project and to fast-track Marimaca to production. The remainder of the funds may be used for working capital purposes.
It is anticipated that Greenstone Resources L.P. (“ Greenstone”), the Company’s major shareholder, will exercise its pre-emptive right and continue to participate in financing the Company.
About Marimaca Copper Corp.:
Marimaca Copperis a copper producer in Chile with a strategy to grow through the discovery, development and operation projects at any stage of development, which are well located with respect to infrastructure and water, have low permitting risk, and have the potential to achieve a short and cost effective timeline to production. The Company’s preference is for open pit heap leach copper projects, where minimizing capital investment and creating profitability are priorities and where the projected capital cost is financeable relative to the Company’s market capitalization. The Company’s assets include the Marimaca development project; its 65% interest in the SCM Berta company, which owns the Berta mine and Nora plant and the Llancahue prospect.
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Cautionary Note Regarding Forward Looking Statements
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. These forward looking statements relate to future events or the Company’s future performance, business prospects or opportunities including, without limitation, statements relating to the completion of the Private Placement. The Company believes that the expectations reflected in such forward looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. These statements speak only as of the date of this press release. Forward looking information involves risks and uncertainties which may cause actual results to be materially different from those expressed or implied by such forward looking information. Such risk and uncertainties relate to, among other things: receipt of shareholder approval of the Private Placement, receipt of Toronto Stock Exchange approval of the Private Placement and the Company’s ability to find suitable investors for the Private Placement as well as other risks disclosed in the Company’s documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. Accordingly, readers should not place undue reliance on forward-looking statements. Marimaca Copperundertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.