Sonoran Desert Copper Corporation Closes First Tranche of Financing
Sonoran Desert Copper Corp. (TSXV: SDCU) ("SDCU'' or the "Company") is pleased to announce that the Company has closed the first tranche of its $0.10 unit private placement financing (the "Financing") for gross proceeds of $480,000. The Company has issued 4,800,000 Units, each Unit consisting of 1 common share of the Company and 1 common share purchase warrant, each warrant being exercisable at $0.15 for 24 months, subject to the right of the Company to accelerate the exercise period to 30 days if, after the expiry of the 4 month hold, shares of the Company close at or above $0.50 for 10 consecutive trading days.
Four insiders subscribed to the Financing for $213,000 or 2,130,000 Units, that portion of the Financing a "related party transaction" as such term is defined under MI 61-101 - Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization.
All securities issued pursuant to the financing will be subject to a four-month hold. Proceeds from the financing will be used for project payments, continuing development of the company's projects and general working capital. The Company intends to close the balance of the Financing by June 30, 2025.
ABOUT SONORAN DESERT COPPER CORPORATION
Sonoran Desert Copper Corporation is focused on securing, developing and monetizing energy materials assets and technologies to build shareholder value.
On behalf of the Board of Directors of
SONORAN DESERT COPPER CORPORATION
"Brian Leeners"
Brian Leeners, CEO & Director
brianleeners@gmail.com / +1 604-862-4184 (WhatsApp)
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