Canada One Mining Corp. Announces Closing of First Tranche of Private Placement and Enters Into IR Agreement
Vancouver, September 8, 2023 - Canada One Mining Corp. ("Canada One" or the "Company") (TSXV:CONE) (OTC:COMCF) (FSE:AU31) is pleased to announce that it has completed the first tranche of its non-brokered private placement and has issued 10,963,330 units (each, a "Unit"), at a price of $0.10 per Unit, for gross proceeds of $1,096,333. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"), allowing holders to purchase an additional common share at an exercise price of $0.15 until September 5, 2026 (the "Offering"). The first tranche of the Offering was completed pursuant to the Listed Issuer Financing Exemption (the "LIFE Exemption") as outlined in Part 5A of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106") and pursuant to the Accredited Investor Exemption as outlined in Part 2 of NI 45-106. The Units issued to subscribers in the first tranche under the LIFE Exemption are not subject to resale restrictions in accordance with Canadian securities laws. All other securities issued in the Offering will be subject to a statutory hold period of four-months-and-one-day following issuance.
The net proceeds raised from the Offering will to be used to advance exploration and development of the Copper Dome Project located south of Princeton, British Columbia, extinguish liabilities and payables and for general administrative and working capital purposes.
In connection with the completion of the first tranche of the Offering, the Company paid $4,750 and issued 47,500 Warrants to certain arms-length third parties (the "Finders") who assisted in introducing subscribers to the Offering. The Warrants issued to the Finders and any common shares of the Company issuable upon exercise of those Warrants are subject to restrictions on resale in accordance with Canadian securities laws until January 6, 2023. The Company anticipates paying finders' fee to eligible third parties in connection with the completion of the additional tranche of the Offering. Closing of the additional tranche of the Offering remains subject to the approval of the TSX Venture Exchange.
Investor Relations
The Company is pleased to announce that it has entered into an investor relations agreement with Strategix Media Inc. ("Strategix"), effective September 1, 2023, to provide investor relations services. Strategix is a boutique investor relations firm based in Vancouver, British Columbia, which provides cross-media marketing solutions, including social media, to public companies seeking to increase their corporate awareness.
Strategix has been retained on a 12-month term at a monthly fee of C$8,500 plus reasonable out of pocket expenses for its services. After the initial 12-month period, either party may terminate the agreement at any time providing the other party with a 30 days' prior written notice. Strategix is not related to the Company and has no interest, directly or indirectly, in the Company or its securities. The agreement is subject to TSX Venture Exchange approval.
For further information, interested parties are encouraged to visit the Company's website at (www.canadaonemining.com) or contact the Company at ir@strategixir.com.
On behalf of the Board of Directors of
Peter Berdusco
President and Chief Executive Officer
1 877 844 4661
Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the planned exploration and development of the Copper Dome Project and the intended use of the proceeds from the Offering. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
TSX Venture Exchange Disclaimer
Neither the 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 release.