TORONTO, Dec. 18, 2019 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSX-V:DCMC) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. in connection with a “best efforts” private placement of an aggregate of up to 2,886,000 common shares of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in relation to FT Tranche One (as defined herein), section 359.1 of the Taxation Act (Québec)) (collectively, the “Flow-Through Shares“) for aggregate gross proceeds of up to approximately C$4.5 million (the “Offering“). The Flow-Through Shares will be issued in two tranches. The first tranche will consist of up to 1,697,000 Flow-Through Shares issued to residents of Québec (“FT Tranche One“) at an issue price of C$1.65 per Flow-Through Share for gross proceeds of up to approximately C$2.8 million. The second tranche will consist of up to 1,189,000 Flow-Through Shares to be issued to residents outside of Québec at an issue price of C$1.43 per Flow-Through Share for gross proceeds of up to approximately C$1.7 million.
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) and the Taxation Act (Québec), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures“) on or before December 31, 2020, and to renounce all the Qualifying Expenditures in favour of the subscribers of the Flow-Through Shares effective December 31, 2019. In addition, with respect to Québec resident subscribers of the Flow-Through Shares who are eligible individuals under the Taxation Act (Québec), the Canadian exploration expenses 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 expenses or oil and gas exploration expenses” within the meaning of section 718.104.22.168 of the Taxation Act (Québec).
The Offering will close in one or more tranches, with the first tranche expected to close on or about December 23, 2019 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional approval of the TSX Venture Exchange. The Offering is being made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws. The securities issued under the Offering will be subject to a hold period under applicable Canadian securities laws expiring four months and one day from the closing date of the Offering.
About Doré Copper Mining Corp.
Doré Copper is engaged in the acquisition, exploration and evaluation of mineral properties.
Doré Copper completed a qualifying transaction on December 13, 2019 establishing itself as a copper – gold explorer and developer in the Chibougamau area of Québec, Canada.
Doré Copper, through its wholly-owned subsidiary CBAY Minerals Inc., holds a 100% interest in the exploration-stage Corner Bay Project and the exploration-stage Cedar Bay Project, both located in the vicinity of Chibougamau, Québec. The Corner Bay Project has an indicated resource of 1.35 Mt at average grades of 3.01% Cu and 0.29 g/t Au, containing 89.8 Mlb of copper and 13,000 ounces of gold, and an inferred resource of 1.66 Mt at average grades of 3.84% Cu and 0.27 g/t Au, containing 140.3 Mlb of copper and 15,000 ounces of gold, assuming a cut-off grade of 1.5% Cu and a copper price of US$3.25 per pound. The Cedar Bay Project has an indicated resource of 130 kt at average grades of 9.44 g/t Au and 1.55% Cu, containing 39,000 ounces of gold and 4.4 Mlb of copper, and an inferred resource of 230 kt at average grades of 8.32 g/t Au and 2.13% Cu, containing 61,000 ounces of gold and 10.8 Mlb of copper, assuming a cut-off grade of 2.9 g/t Au and a gold price of US$1,400 per ounce. Doré Copper’s drill program has been successful at expanding the resources at the Corner Bay Project and confirming three high grade veins at the shaft bottom depth at the Cedar Bay Project. Both deposits are open along strike and down dip. Both the Corner Bay Project and the Cedar Bay Project are accessible by road and are approximately 20 km apart. Mineralization from both the Corner Bay Project and the Cedar Bay Project would be treated at Doré Copper’s Copper Rand concentrator located 8 km southwest of Chibougamau, Québec. For further information, please see the technical report entitled “Technical Report on the Corner Bay and Cedar Bay Projects, Northwest Québec, Canada” dated June 15, 2019, prepared by Luke Evans, M.Sc., P.Eng., which is available under Doré Copper’s profile on SEDAR at www.sedar.com.
Andrey Rinta, P.Geo., the Exploration Manager of the Corporation and a “Qualified Person” within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
For further information, please contact:
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, 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 the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
- 2021-07-28 Doré Copper announces its initial mineral resource at Joe Mann
- 2021-07-07 Doré Copper intersects 6.8 meters at 3.67% copper and 0.26 g/t gold at Corner Bay – Continues to expand deposit
- 2021-06-11 Doré Copper announces closing of C$14.6 million bought deal private placement of common shares and flow-through shares including full exercise of underwriters’ option
- 2021-06-01 Doré Copper strengthens its management team with the appointment of Steve Simard as project director
- 2021-05-18 Doré Copper announces C$13 million bought deal private placement of common shares and flow-through shares
- 2021-05-17 Doré Copper intersects 5.5 meters at 3.46% Copper and 0.25 g/t Gold at Corner Bay – extending deposit along strike by 200 metres
- 2021-05-11 Doré Copper completes option agreement for 100% interest in Cornerback – adds 2,100 hectares of land surrounding Corner Bay high-grade copper-gold deposit
- 2021-04-23 Doré Copper posts Q4 and fiscal year 2020 financial statements and MD&A on Sedar and grants stock options
- 2021-04-22 Doré Copper upgrades to OTCQX
- 2021-04-20 Doré Copper to webcast live on April 22 at Virtual Investor Conference: Critical and Strategic Minerals Investment Opportunities in the province of Quebec
- 2021-04-08 Doré Copper provides exploration and development update of its high-grade copper-gold properties in Chibougamau, Quebec
- 2021-03-22 Doré Copper consolidates and options the high-grade Norbeau Gold properties in the Chibougamau mining camp, Quebec
- 2021-03-05 Doré Copper announces its preparation plans to dewater the former Joe Mann gold mine and Cedar Bay copper-gold mine
- 2021-02-18 Doré Copper announces closing of C$11 million Private Placement of Flow-Through shares, including full exercise of agents’ option