Arizona Sonoran Copper Company Inc. (TSX:ASCU |
OTCQX:ASCUF) (“ASCU” or the “Company”), an
emerging US copper developer, is pleased to announce that further
to its press release dated January 9, 2025 (the “January
9 PR”), it has closed its private placement with Hudbay
Minerals Inc. (“Hudbay”) of 11,955,270 common shares at a
price of C$1.68 for gross proceeds to the Company of C$20,084,853
million (the “Hudbay Placement”). Additionally, Nuton LLC
(“Nuton”), a Rio Tinto Venture, exercised its pre-emptive
rights in respect of the Hudbay Placement, pursuant to the terms of
its investor rights agreement, to maintain its 7.2% equity interest
in the Company for gross proceeds of C$1,562,210 (the “Nuton
Placement”). Pursuant to the Hudbay Placement and the Nuton
Placement, the Company issued a total of 12,885,157 common shares
at a price of C$1.68 per share for aggregate gross proceeds of
C$21,647,064 to the Company (the “Private Placement”). The
subscription by Hudbay reflects the base offering of 11,852,064
common shares as well as top-up shares of 103,206 common shares to
achieve its 9.99% ownership of the Company after giving effect to
the Private Placement.
ASCU President and CEO, George Ogilvie commented, “With
the completion of this financing, our company is fully funded with
additional runway to complete our 2025 work programs. Our main
deliverable in 2025 is the preparation of updated technical data on
the entire Parks/Salyer deposit and producing a Pre-Feasibility
Study in the second half of the year. We are excited to welcome
Hudbay as a strategic investor of the Company; an endorsement by a
well-known and sophisticated entity. Hudbay has significant
experience in mine development and construction, and we look
forward to tapping into that wealth of knowledge as we continue to
de-risk the Cactus Project through the remaining study phases to an
eventual final investment decision, followed by construction and
development. We also value the ongoing support of and partnership
with Nuton.”
Concurrent with the closing of the Hudbay Placement, ASCU and
Hudbay executed an investor rights agreement substantially on the
terms disclosed in the January 9 PR. A copy of the investor
rights agreement will be available in due course on SEDAR+
(www.sedarplus.ca) under the Company’s issuer profile.
Proceeds of the Private Placement are to be allocated for
drilling, exploration, technical studies advancement of the
Company’s Cactus Project, and for general corporate purposes.
The common shares issued under the Private Placement are subject
to a statutory hold period under applicable Canadian securities
laws, expiring four months after closing the transaction. The
Private Placement is subject to the final approval of the Toronto
Stock Exchange.
Scotiabank acted as financial advisor, and Bennett Jones LLP as
legal advisor, to the Company, in connection with the Private
Placement.
Neither the Toronto Stock Exchange nor the regulating authority
has approved or disproved the information contained in this press
release.
About Arizona Sonoran Copper Company
(www.arizonasonoran.com |
www.cactusmine.com)
ASCU is a copper exploration and development company with a 100%
interest in the brownfield Cactus Project. The Project, on
privately held land, contains a large-scale porphyry copper
resource and a recent PEA proposes a generational open pit copper
mine with robust economic returns. Cactus is a lower risk copper
developer benefitting from a state-led permitting process, in place
infrastructure, highways and rail lines at its doorstep and onsite
permitted water access. The Company objective is to develop Cactus
and become a mid-tier copper producer with low operating costs,
that could generate robust returns and provide a long-term
sustainable and responsible operation for the community, investors
and all stakeholders. The Company is led by an executive management
team and Board which have a long-standing track record of
successful project delivery in North America complemented by global
capital markets expertise.
Cautionary Statements regarding Forward-Looking Statements
and Other Matters
Forward-Looking Statements
All statements, other than statements of historical fact,
contained or incorporated by reference in this press release
constitute “forward-looking statements” and “forward-looking
information” (collectively, “forward-looking statements”) within
the meaning of applicable Canadian and United States securities
legislation. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
“advancement”, “assumptions”, “become”, “continue”, “could”,
“deliverable”, “delivery”, “develop”, “development”, “emerging”,
“estimates”, “expected”, “exploration”, “eventual”, “feasibility”,
“followed”, “forward”, “future”, “generational”, “going”,
“long-term”, “looking”, “near-term”, “objective”, “phases”, “plan”,
“proposes”, “risk”, “runway”, “study”, “subject to”, “to be”, and
“upgrading”, or variations of such words, and similar such words,
expressions or statements that certain actions, events or results
can, could, may, should, would, will (or not) be achieved, occur,
provide, result or support in the future, or which, by their
nature, refer to future events. In some cases, forward-looking
information may be stated in the present tense, such as in respect
of current matters that may be continuing, or that may have a
future impact or effect. Forward-looking statements include the use
of proceeds of the Private Placement; the timing and ability of the
Company to receive final approval of the Toronto Stock Exchange in
respect of the Private Placement; the advancement and future of the
Cactus Project (including the 2025 work programs and other
operations, copper production, returns (economic or otherwise));
the PEA and results thereof; the preparation of an updated
technical data on Parks/Salyer (including the timing thereof); the
amount of funding required to complete the 2025 work program; the
completion and delivery of a Pre-Feasibility Study and other
studies on the Cactus Project (including the timing thereof); any
eventual investment decision on, or development or construction of
the Cactus Project; copper resource at the Cactus Project;
permitting; operating costs; any upside in value and/or delivered
back to shareholders, sustainability and risk; the Company’s
objectives (including the Cactus Project becoming a significant
producer of copper cathodes in Arizona and the U.S.); the future
plans or prospects of the Company (including sustainability of the
Cactus Project and becoming a mid-tier copper producer); and the
impact of Hudbay’s and Nuton’s investment and support in respect of
the Company and its projects. Although the Company believes that
such statements are reasonable, there can be no assurance that
those forward-looking statements will prove to be correct, and any
forward-looking statements by the Company are not guarantees of
future actions, results or performance. Forward-looking statements
are based on assumptions, estimates, expectations and opinions,
which are considered reasonable and represent best judgment based
on available facts, as of the date such statements are made. If
such assumptions, estimates, expectations and opinions prove to be
incorrect, actual and future results may be materially different
than expressed or implied in the forward-looking statements. The
assumptions, estimates, expectations and opinions referenced,
contained or incorporated by reference in this press release which
may prove to be incorrect include those set forth or referenced in
this press release, as well as those stated in the technical report
for the Cactus Project filed on August 27, 2024 (the “2024 PEA
Technical Report”), the Company’s Annual Information Form dated
April 1, 2024 (the “AIF”), Management’s Discussion and Analysis
(together with the accompanying financial statements) for the year
ended December 31, 2023 and the quarters already ended in 2024
(collectively, the “2023-24 Financial Disclosure”) and the
Company’s other applicable public disclosure (collectively,
“Company Disclosure”), all available on the Company’s website at
www.arizonasonoran.com and under its issuer profile at
www.sedarplus.ca. Forward-looking statements are inherently subject
to known and unknown risks, uncertainties, contingencies and other
factors which may cause the actual results, performance or
achievements of ASCU to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Such risks, uncertainties,
contingencies and other factors include, among others, the “Risk
Factors” in the AIF, and the risks, uncertainties, contingencies
and other factors identified in the 2024 PEA Technical Report and
the 2023-24 Financial Disclosure. The foregoing list of risks,
uncertainties, contingencies and other factors is not exhaustive;
readers should consult the more complete discussion of the
Company’s business, financial condition and prospects that is
provided in the AIF, the 2023-24 Financial Disclosure and other
Company Disclosure. Although ASCU has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Forward-looking statements contained herein
are made as of the date of this press release (or as otherwise
expressly specified) and ASCU disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
except as required by applicable securities laws. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from
forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The forward-looking
statements referenced or contained in this press release are
expressly qualified by these Cautionary Statements as well as the
Cautionary Statements in the AIF, the 2024 PEA Technical Report,
the 2023-24 Financial Disclosure and other Company Disclosure.
Preliminary Economic Assessments
The Preliminary Economic Assessment (or PEA) referenced in this
press release and summarized in the 2024 PEA Technical Report is
only a conceptual study of the potential viability of the Cactus
Project and the economic and technical viability of the Cactus
Project has not been demonstrated. The PEA is preliminary in nature
and provides only an initial, high-level review of the Cactus
Project’s potential and design options; there is no certainty that
the PEA will be realized. For further detail on the Cactus Project
and the PEA, including applicable technical notes and cautionary
statements, please refer to the Company’s press release dated
August 7, 2024 and the 2024 PEA Technical Report, both available on
the Company’s website at www.arizonasonoran.com and under its
issuer profile at www.sedarplus.ca.
Mineral Resource Estimates
Until mineral deposits are actually mined and processed, copper
and other mineral resources must be considered as estimates only.
Mineral resource estimates that are not classified as mineral
reserves do not have demonstrated economic viability. The
estimation of mineral resources is inherently uncertain, involves
subjective judgement about many relevant factors and may be
materially affected by, among other things, environmental,
permitting, legal, title, taxation, socio-political, marketing, or
other known and unknown risks, uncertainties, contingencies and
other factors described in the foregoing Cautionary Statements on
Forward-Looking Statements. The quantity and grade of reported
“inferred” mineral resource estimates are uncertain in nature and
there has been insufficient exploration to define “inferred”
mineral resource estimates as an “indicated” or “measured” mineral
resource and it is uncertain if further exploration will result in
upgrading “inferred” mineral resource estimates to an “indicated”
or “measured” mineral resource category. Inferred mineral resource
estimates may not form the basis of feasibility or pre-feasibility
studies or economic studies except for preliminary economic
assessments. The accuracy of any mineral resource estimate is a
function of the quantity and quality of available data, and of the
assumptions made and judgments used in engineering and geological
interpretation, which may prove to be unreliable and depend, to a
certain extent, upon the analysis of drilling results and
statistical inferences that may ultimately prove to be inaccurate.
It cannot be assumed that all or any part of a “inferred”,
“indicated” or “measured” mineral resource estimate will ever be
upgraded to a higher category including a mineral reserve. The
mineral resource estimates declared by the Company were estimated,
categorized and reported using standards and definitions in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum Definition Standards for Mineral Resources and Mineral
Reserves (the “CIM Standards”) in accordance with National
Instrument 43-101 of the Canadian Securities Administrators (“NI
43-101”), which governs the public disclosure of scientific and
technical information concerning mineral projects.
U.S. Readers
The terms “mineral resource”, “measured mineral resource”,
“indicated mineral resource” and “inferred mineral resource” as
disclosed by the Company are Canadian mining terms defined in the
CIM Standards (collectively, the “CIM Definitions”) in accordance
with NI 43-101. NI 43-101 establishes standards for all public
disclosure that a Canadian issuer makes of scientific and technical
information concerning mineral projects. These Canadian standards
differ from the requirements of the United States Securities and
Exchange Commission (the “SEC”) applicable to United States
domestic and certain foreign reporting companies under Subpart 1300
of Regulation S-K (“S-K 1300”). Accordingly, information describing
mineral resource estimates for the Cactus Project may not be
comparable to similar information publicly reported in accordance
with the applicable requirements of the SEC, and so there can be no
assurance that any mineral resource estimate for the Cactus Project
would be the same had the estimates been prepared per the SEC’s
reporting and disclosure requirements under applicable United
States federal securities laws, and the rules and regulations
thereunder, including but not limited to S-K 1300. Further, there
is no assurance that any mineral resource or mineral reserve
estimate that the Company may report under NI 43-101 would be the
same had the Company prepared such estimates under S-K 1300.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250130804431/en/
For more information Alison Dwoskin, Director, Investor
Relations 647-233-4348 adwoskin@arizonasonoran.com
George Ogilvie, President, CEO and Director 416-723-0458
gogilvie@arizonasonoran.com
Arizona Sonoran Copper (TSX:ASCU)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Arizona Sonoran Copper (TSX:ASCU)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
