Carube Copper Increases Private Placement Offering to a Maximum of $3 Million
Toronto, Ontario--(Newsfile Corp. - March 9, 2018) - Carube Copper Corp. (TSXV: CUC) (the "Company") is pleased to announce that the Company has increased the maximum amount of its private placement financing from $1.2M to $3.0M. The Company expects to close a second and final tranche of the private placement on or before March 22, 2018. As announced in a news release dated December 1, 2017, the Company initially intended to raise an aggregate of $1,200,000 by way of a non-brokered private placement of up to 20,000,000 units of the Company. The Company has increased the maximum units issuable to 50,000,000 for total potential proceeds of $3,000,000 with each unit issuable at a price of $0.06 per unit (the "Offering").
Each unit will be comprised of one common share in the capital of the Company (a "Common Share") and one half of one Common Share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant shall be exercisable into one Common Share at a price of $0.10 per Common Share for a period of two years from the closing date of the Offering. Finders who source funds may earn a cash commission of up to 6% of the gross proceeds raised by such finder and may receive warrants ("Finder Warrants") entitling the finder to purchase that number of units at $0.06 per unit equal to 6% of the number of units sold by such finder. All securities issued under the Offering are subject to a four-month and one day statutory hold period.
As previously announced on February 1, 2018, the Company closed a first tranche of the Offering raising aggregate proceeds of $116,430 with the issuance of 1,940,500 units.
About Carube Copper
Carube Copper is focused on the exploration and development of copper and gold projects in Jamaica and Canada. In Jamaica, Carube Copper holds a 100% interest in 11 licenses totalling 535 square kilometres. In Canada, it holds a 100% interest in three porphyry copper-gold-molybdenum properties totalling 492 square kilometres within the Tertiary-aged Cascade Magmatic Arc in southwestern British Columbia. Carube is currently focused on its Bellas Gate Project in Jamaica where it has discovered widespread copper mineralization over a six and a half kilometre by four kilometre corridor indicating the presence of a very large system with the potential to host multiple copper-gold porphyries. The results to date have identified 17 target areas including the Connors porphyry where recent drill intercepts demonstrate excellent copper and gold mineralization.
Contacts
Jeff Ackert, President and CEO • 1-613-839-3258 • jackert@carubecopper.com
John McNeice. CFO • 1-613-692-7704 • jmcneice@carubecopper.com
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.
DISCLAIMER & FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Corp. provides no assurance that actual results will meet management's expectations. Factors which cause results to differ materially are set out in the Company's documents filed on SEDAR. Undue reliance should not be placed on "forward looking statements".
IMPORTANT NOTICE: Carube Copper hereby incorporates the entire disclaimer set forth on its website at: http://www.carubecopper.com/disclaimer.html