Marimaca Copper Announces Closing of First Tranche of US$17.7 Million Non-Brokered Private Placement
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VANCOUVER, British Columbia, June 11, 2025 (GLOBE NEWSWIRE) -- Marimaca Copper Corp. ("Marimaca" or the "Company") (TSX:MARI) (ASX: MC2) is pleased to announce the closing of the first tranche of the previously announced non-brokered private placement (the "Private Placement").
Pursuant to the Private Placement, Assore International Holdings Limited ("AIH") and Ithaki Limited ("Ithaki") each subscribed for 2,250,000 common shares of the Company (the "Shares") at a price of C$4.60 per Share for total gross proceeds to the Company of approximately C$20,700,000 ("Tranche 1").
An additional institutional investor together with its affiliates (the "Additional Investor") will subscribe on the same terms as AIH and Ithaki for an additional 811,416 Shares ("Tranche 2") for total gross proceeds of C$3,732,514. Tranche 2 is expected to close on or around June 12th, 2025 and is subject to standard irrevocable commitments.
AIH is a related party of the Company by virtue of its significant shareholding and contractual right to nominate a director to the Company's board. Additionally, Ithaki is a related party of the Company by virtue of holding more than 10% of the issued and outstanding Shares.
The net proceeds from the Private Placement will be used for exploration, to advance the Company's flagship Marimaca Copper Project located in the Antofagasta Region of northern Chile and for general corporate purposes.
The Shares issued pursuant to the Tranche 1 are, and the Shares to be issued pursuant to Tranche 2 will be, subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws and are being issued pursuant to the ASX Listing Rule 10.11 waiver granted to Marimaca at the time of admission.
Related Party Transaction Disclosure
The participation by AIH and Ithaki, each of which is a "related party" of the Company under Multilateral Instrument 61-101, Protection of Minority Security Holders ...
