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Marimaca Copper Announces C$68 Million Strategic Investment by Assore International Holdings (AIH) Including Private Placements Totaling C$30.3 Million led by AIH
AIHAesthetic Medical International Holdings(AIH) GlobeNewswire News Room·2024-07-16 11:30

Core Viewpoint - Marimaca Copper Corp. has announced a C68millionstrategicequityinvestmentfromAssoreInternationalHoldingsLimited,aimedatadvancingthedevelopmentofitsflagshipMarimacaCopperProjectinChile[1][4].InvestmentDetails−Thestrategicinvestmentincludestheacquisitionof9,417,210commonsharesatC68 million strategic equity investment from Assore International Holdings Limited, aimed at advancing the development of its flagship Marimaca Copper Project in Chile [1][4]. Investment Details - The strategic investment includes the acquisition of 9,417,210 common shares at C4.50 per share, generating gross proceeds of C42,377,445forTemboCapital[2].−Additionally,5,725,000unitswillbeissuedtoAIHthroughanon−brokeredprivateplacement,yieldinggrossproceedsofC42,377,445 for Tembo Capital [2]. - Additionally, 5,725,000 units will be issued to AIH through a non-brokered private placement, yielding gross proceeds of C25,762,500 [2]. - Each unit consists of one common share and one half of a common share purchase warrant, with the warrant allowing AIH to purchase additional shares at C5.85for18monthspost−closing[3].OwnershipStructure−Followingtheinvestment,AIHwillownapproximately14.995.85 for 18 months post-closing [3]. Ownership Structure - Following the investment, AIH will own approximately 14.99% of the issued common shares on a non-diluted basis and 18.07% on a partially diluted basis [3]. - Prior to this investment, AIH did not hold any securities in Marimaca [3]. Use of Proceeds - Proceeds from the private placements will be allocated to the development of the Marimaca Copper Project, including costs related to the Definitive Feasibility Study, environmental permitting, and exploration at regional targets [4][9]. Strategic Partnership - The partnership with AIH is expected to enhance Marimaca's development journey, leveraging AIH's mining expertise and financial strength [5][6]. - AIH's Managing Director expressed enthusiasm about collaborating with Marimaca to diversify and grow exposure to key commodities [7]. Additional Private Placement - Another investor will subscribe for 1,000,000 units under the same terms as AIH, contributing an additional C4,500,000 [4]. Closing and Regulatory Approval - The strategic investment and additional private placement are anticipated to close around July 22, 2024, pending TSX approval and customary closing conditions [9].