Coppernico Metals - Dedicated to Discovery
Summary
If the Warrants are exercised, Tecks ownership percentage will increase to a maximum of 14.15% of outstanding Shares if other Coppernico dilutive securities remained unexercised at the time. The Subscription Agreement will be publicly filed by Coppernico as a material agreement concurrently with its first Annual Information Form expected to be filed in the immediate future.The net proceeds from the Offering will primarily be used for drilling of the Sombrero Main target area at the Companys recently drill-permitted flagship Sombrero Project in southern Peru.All of the securities issued pursuant to the Offering are subject to a four-month hold period in accordance with applicable Canadian securities laws. After the twelve-month period, Teck shall have the right to sell its Shares and Warrants in excess of 2% of the outstanding Shares, subject to the Company retaining a right to designate an alternative purchaser(s) within ten business days of receipt of the notice of intention to sell from Teck.A message from Ivan Bebek, Chair and CEO of Coppernico"The strategic investment from Teck is a significant validation of Sombreros extensive exploration potential. This financing not only positions us favourably for long-term success with the project, it enables us to fulfill our promises for the creation of jobs and continued sponsorships of Agroideas-Agricultural funding grants for the local communities obtained from the Peruvian government.We appreciate the support of shareholders and stakeholders involved in this process and are looking forward to sharing additional near-term milestones including drilling plans and exploration strategies. Each Compensation Option entitles the holder thereof to subscribe for one Share at $0.50 until May 16, 2026.Teck has advised Coppernico that Tecks purchase of the Units was made for investment purposes.