Vancouver, British Columbia--(Newsfile Corp. - February 13, 2024) - Sonoran Desert Copper Corporation (TSXV: SDCU) ("SDCU' or the "Company") announces that further to its News Release of November 21, 2023, and in response to the continuing weakness in the junior resource sector, the Company will be reducing the price and increasing the amount of its private placement financing.
PRIVATE PLACEMENT FINANCING OF UNITS
Previously, the Company was offering up to 2,500,000 Units priced at $0.20, for aggregate gross proceeds of up to $500,000. The updated financing will now offer up to 10,000,000 Units priced at $0.10, for aggregate gross proceeds of up to $1,000,000.
Each of the Units will consist of one common share of the Company and one common share purchase warrant, with each warrant being exercisable for an additional common share at an exercise price of $0.25 for 24 months. The Warrants are subject to the right of the Company to accelerate the exercise period if, after the expiration of the 4-month hold, shares of the Company close at or above $0.50 for 10 consecutive trading days.
Finders' fees in accordance with TSX Venture Exchange policies may apply to the Financing and all securities issued will be subject to a statutory four-month hold period. Proceeds from the Financing will be used for general working capital, the continuing development of the Company's Cuatro Hermanos Copper Project and to evaluate and secure further opportunities in the copper sector.
ABOUT SONORAN DESERT COPPER CORPORATION
Sonoran Desert Copper Corporation is focused on the copper sector, due to its fundamental role in the global energy transition. The Company strategy is to secure, advance and monetize assets in the copper sector to build shareholder value.
On behalf of the Board of Directors of
SONORAN DESERT COPPER CORPORATION
Brian Leeners, CEO & Director
email@example.com / +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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197736
SOURCE: Sonoran Desert Copper Corporation