Doré Copper Mining Corp. (the "
Corporation" or
"
Doré Copper") (TSXV:DCMC; OTCQB:DRCMF; FRA:DCM)
is pleased to announce a non-brokered private placement offering
of: (i) up to 20,952,381 common shares in the capital of the
Corporation (the "
Common Shares") at a price of
$0.105 per Common Share for gross proceeds of up to $2,200,000;
(ii) up to 960,000 common shares in the capital of the Corporation
that will qualify as "flow-through shares" within the meaning of
subsection 66(15) of the Income Tax Act (Canada) and section 359.1
of the Taxation Act (Québec) (the "
Traditional Flow-Through
Shares") at a price of $0.125 per Traditional Flow-Through
Share for gross proceeds of up to $120,000; and (iii) up to
11,500,000 common shares in the capital of the Corporation that
will qualify as "flow-through shares" within the meaning of
subsection 66(15) of the Income Tax Act (Canada) and section 359.1
of the Taxation Act (Québec) (the "
Charitable Flow-Through
Shares" and together with the Traditional Flow-Through
Shares, the "
Flow-Through Shares") at a price of
$0.20 per Charitable Flow-Through Share for gross proceeds of up to
$2,300,000, for aggregate gross proceeds to the Corporation of up
to $4,620,000 (collectively, the "
Offering").
The net proceeds from the sale of the Common
Shares will be used for exploration and development activities,
feasibility study work, permitting activities and for working
capital and general corporate purposes. The Corporation will use an
amount equal to the gross proceeds received by the Corporation from
the sale of the Flow-Through Shares, pursuant to the provisions in
the Income Tax Act (Canada), to incur, directly or indirectly, on
or before December 31, 2025, expenses ("Qualifying
Expenditures") related to the Corporation's projects in
Québec that are eligible "Canadian exploration expenses" (as
defined in the Income Tax Act (Canada)), which will qualify as
"flow-through critical mineral mining expenditures" (as defined in
the Income Tax Act (Canada)), and renounce all the Qualifying
Expenditures in favour of the applicable subscribers of the
Flow-Through Shares effective December 31, 2024. In addition, with
respect to Québec resident subscribers who are eligible individuals
under the Taxation Act (Québec), the Qualifying Expenditures will
also qualify for inclusion in the "exploration base relating to
certain Québec exploration expenses" within the meaning of section
726.4.10 of the Taxation Act (Québec) and for inclusion in the
"exploration base relating to certain Québec surface mining
exploration expenses" within the meaning of section 726.4.17.2 of
the Taxation Act (Québec).
In connection with the Offering, the Corporation
may engage certain arm's-length parties who may receive a cash
finder's fee payment and/or warrants to purchase common shares in
the capital of the Corporation in consideration of securities that
are sold to subscribers introduced by such parties. Any cash
finder's fee payment and/or warrants will be subject to the
approval of, and will be issued in accordance with the rules of,
the TSX Venture Exchange.
The Offering is expected to close on or about
September 20, 2024, or such other date as the Corporation may
determine and is subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory and other
approvals including the acceptance of the TSX Venture Exchange.
The Offering will be made by way of private
placement in each of the provinces of Canada pursuant to applicable
exemptions from the prospectus requirements and, in the case of the
Common Shares, such other jurisdictions, in each case in accordance
with all applicable laws, provided that no prospectus, registration
statement or other similar document is required to be filed in such
jurisdiction. The securities issued under the Offering will be
subject to a four-month hold period under applicable Canadian
securities laws.
The securities offered have not been, nor will
they be, registered under the United States Securities Act of 1933,
as amended, or any state securities law, and may not be offered,
sold or delivered, directly or indirectly, within the United
States, or to or for the account or benefit of U.S. persons, absent
registration or an exemption from such registration requirements.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
securities in any state in the United States in which such offer,
solicitation or sale would be unlawful.
About Doré Copper Mining
Corp.
Doré Copper Mining Corp. aims to be the next
copper producer in Québec with an initial production target of +50
million pounds of copper equivalent annually by implementing a
hub-and-spoke operation model with multiple high-grade copper-gold
assets feeding its centralized Copper Rand mill1. The Corporation
has delivered its PEA in May 2022 and is proceeding with a
feasibility study.
The Corporation has consolidated a large land
package in the prolific Lac Doré/Chibougamau and Joe Mann mining
camps that has historically produced 1.6 billion pounds of copper
and 4.4 million ounces of gold2. The land package includes 13
former producing mines, deposits and resource target areas within a
60-kilometer radius of the Corporation's Copper Rand Mill.
For further information, please visit the
Corporation's website at www.dorecopper.com or refer to Doré
Copper's SEDAR+ filings at www.sedarplus.ca or contact:
Ernest Mast |
Laurie Gaborit |
President and Chief Executive
Officer |
Vice President, Investor
Relations |
Phone: (416) 792-2229 |
Phone: (416) 219-2049 |
Email:
ernest.mast@dorecopper.comFacebook: Doré Copper Mining LinkedIn:
Doré Copper Mining Corp. Twitter: @DoreCopper Instagram:
@DoreCopperMining |
Email:
laurie.gaborit@dorecopper.com |
- Technical report titled
"Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke
Complex, Québec, Canada" dated June 15, 2022, in accordance with
National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101"). The Technical Report was prepared by
BBA Inc. with several consulting firms contributing to sections of
the study, including SLR Consulting (Canada) Ltd., SRK Consulting
(Canada) Inc. and WSP Inc.
- Sources for historic production
figures: Economic Geology, v. 107, pp. 963–989 - Structural and
Stratigraphic Controls on Magmatic, Volcanogenic, and Shear
Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp,
Northeastern Abitibi, Canada by François Leclerc et al. (Lac
Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the
Joe Mann Property dated January 11, 2016 by Geologica
Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann
mine).
Cautionary Note Regarding
Forward-Looking Statements
This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to the terms of the Offering,
the use of proceeds of the Offering, the timing and ability of the
Corporation to close the Offering, the timing and ability of the
Corporation to receive necessary regulatory approvals, including
the acceptance of the Offering from the TSX Venture Exchange, the
renunciation to the purchasers of the Flow-Through Shares and
timing thereof, the tax treatment of the Flow-Through Shares, the
Corporation's ability to meet its production target, the
commencement, timing and completion of a feasibility study, and the
plans, operations and prospects of the Corporation. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties and other factors which may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: general business,
economic, competitive, political and social uncertainties; delay or
failure to receive regulatory approvals; the price of gold and
copper; and the results of current exploration. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Corporation
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Neither 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.
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