Quetzal Copper Corp. (TSXV: Q) (‘Quetzal’ or the ‘Company’) announces that further to its news releases dated February 18, 2025, the Company has closed its financing of flow-through units and non-flow-through units, originally announced on December 13, 2024.
CEO Matt Badiali said: ‘We are pleased to get this money in the bank and get back to the business of exploration. We see new copper projects as potential boosts for both the local economy and the province. We want to test the targets at Princeton immediately. With this capital in the bank, we can do that and more in 2025.‘
In total, the Company raised gross proceeds of $2,437,498.92 and issued 11,470,611 flow-through units at $0.17 per unit (the ‘FT Units‘) and 3,249,967 non-flow-through units (the ‘NFT Units‘) at $0.15 per NFT Unit.
Each FT Unit consists of one flow-through common share (the ‘FT Share‘) and one half of a warrant (each whole warrant a ‘Warrant‘). Each NFT Unit consists of one non-flow-through common share (the ‘NFT Share‘) and one-half of a warrant.
The Company issued 5,735,306 Warrants as part of the FT Unit issuance and 1,624,984 Warrants as part of the NFT Unit issuance. Each warrant is exercisable at $0.25 per share for 24 months from the issuance date.
The Company paid cash finder’s fees in the amount of $82,000 and issued an aggregate of 482,353 finder’s warrants (the ‘Finder’s Warrants‘) in connection with the Offering. The Finder’s Warrants are non-transferable and are exercisable at $0.25 per share for 24 months from the issuance date.
The gross proceeds from the sale of the FT Shares will be used by the Company to incur eligible ‘Canadian exploration expenses’ that will qualify as ‘flow-through critical mineral mining expenditures’ as such terms are defined in the Income Tax Act (Canada) (the ‘Qualifying Expenditures’) related to the Company’s Princeton and Dot projects in British Columbia, Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2024.
The securities underlying the FT Units and NFT Units are subject to a statutory hold period in Canada ending on the date that is four months plus one day following the issuance date.
The Offering has received conditional approval from the TSX Venture Exchange.
The Company plans to use the funds from the FT Units to perform its drill program at its Princeton project in British Columbia immediately. The Princeton Project has copper targets just 5 km from the active Copper Mountain Mine.
Princeton Copper Project
The Princeton Project is an 11,500-hectare property located between the Hudbay Minerals and Mitsubishi-owned Copper Mountain Mine and the town of Princeton, British Columbia.
Figure 1: Location of Princeton Project Claims and Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10393/242780_a07c0349b4ac49ba_001full.jpg
The Princeton Copper project is a large land package consolidating several formerly disjointed claims. The technical team compiled historical surface geological and geochemical data and reprocessed geophysical data. The new perspective gleaned from this work generated four strong targets for the first drill program:
Bud South – The only locality with a drill hole among the four targets. It contained 10.7 meters of rock with 0.18% copper and 0.30 grams per ton of gold. But it only cut the edge of the target. Historic trenching at the target showed disseminated copper mineralization in intensely faulted and intruded Nicola Group volcanic rocks.
Knob Hill – An overburden-covered chargeability anomaly adjacent to copper-gold in quartz veins exposed in nearby trenches
Aura – A 1.5km wide horseshoe-shaped magnetic high surrounding a reverse-polarity magnetic feature. This may represent an intrusive body and its alteration halo.
Contact – A chargeability high completely hidden under till cover along trend from and with the same signature as the Knob Hill target.
QP Statement
Dr. Roy Greig, P.Geo., a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content in this release.
First Nations Acknowledgement
Quetzal recognizes that the Princeton Copper Project is part of the traditional unceded territory of the Smelqmix People. We are committed to respect for the land and for the people who reside there.
About Quetzal Copper
Quetzal is engaged in the acquisition, exploration, and development of mineral properties in British Columbia and Mexico. The Company’s principal project, Princeton Copper, is located adjacent to the Copper Mountain mine in southern British Columbia. The company currently has a portfolio of three properties located in British Columbia, Canada and one in Mexico.
Quetzal Copper Corp.
Matthew Badiali, CEO
Phone: (888) 227-6821
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
The information contained herein contains ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. ‘Forward-looking information’ includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’ or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’ or ‘be achieved’ or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to exploration and development of the Company’s properties.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated, accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242780
News Provided by Newsfile via QuoteMedia
