Marimaca Announces Closing of C$20 million Strategic Investment by Mitsubishi Corp.
July 12 2023 - 7:00AM
Marimaca Copper Corp. (“Marimaca Copper”, “Marimaca” or the
“Company”) (TSX: MARI) is pleased to announce the closing
of the previously announced C$20 million equity investment by
Mitsubishi Corporation (“Mitsubishi”) by way of non-brokered
private placement (the “Strategic Investment”). Proceeds from the
Strategic Investment will be used to advance and accelerate the
development of the Company’s flagship Marimaca Copper Project
located in the Antofagasta region, Chile.
Pursuant to the Strategic Investment, Mitsubishi
acquired an aggregate of 4,640,371 units (“Units”) consisting of
one common share (a “Common Share”) and one Common Share purchase
warrant (a “Warrant”) at a price of C$4.31 per Unit. Each Warrant
will entitle Mitsubishi to purchase one additional Common Share at
an exercise price of C$5.60 for a period of 24 months following
closing. As a result of the Strategic Investment, Mitsubishi now
owns approximately 5.0% of Marimaca’s issued and outstanding common
shares on a non-diluted basis.
Mitsubishi is a major investor in the Latin
American copper industry with a portfolio of existing investments
including Escondida, Los Pelambres, Antamina, Los Bronces and
Quellaveco.
About MarimacaMarimaca Copper
is a Canadian exploration and development company focused on
developing the Marimaca Project, an oxide, open-pit, heap leach
copper project located in the Antofagasta Region of northern Chile.
The Company’s shares trade on the TSX under the symbol “MARI” and
on the OTCQX under the symbol “MARIF”.
Contact InformationFor further
information please visit www.marimaca.com or contact:
Tavistock +44 (0) 207
920 3150Emily Moss / Adam
Baynesmarimaca@tavistock.co.uk
Forward Looking Statements
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation, including statements related to the Strategic
Investment and the intended use of proceeds. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements reflect
the beliefs, opinions and projections on the date the statements
are made and are based upon a number of assumptions and estimates
that, while considered reasonable by Marimaca Copper, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Many factors,
both known and unknown, could cause actual results, performance or
achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied
by such forward-looking statements and the parties have made
assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation: risks related to
share price and market conditions, the inherent risks involved in
the mining, exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices, the possibility of
project delays or cost overruns or unanticipated excessive
operating costs and expenses, uncertainties related to the
necessity of financing, uncertainties relating to regulatory
procedure and timing for permitting reviews, the availability of
and costs of financing needed in the future as well as those
factors disclosed in the annual information form of the Company
dated March 27, 2023 and other filings made by the Company with the
Canadian securities regulatory authorities (which may be viewed at
www.sedar.com). Statements regarding the Company’s planned DFS on
the Project are forward-looking information and may not be
realized. Accordingly, readers should not place undue reliance on
forward-looking statements. Marimaca Copper undertakes 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.
Neither the TSX nor the Canadian Investment
Regulatory Organization accepts responsibility for the adequacy or
accuracy of this release.
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