Vancouver, B.C., Granite Creek Copper Ltd. (TSX.V: GCX) (“Granite Creek” or the “Company”) announces that, due to strong investor interest, the Company has increased the previously announced private placement (the “Financing”) by 4,200,000 units for a total of 14,200,000 units at a price of $0.05 per unit for aggregate proceeds of $710,000, subject to the final approval of the TSX Venture Exchange.
Each unit consists of one common share of the Company (a “Share”) and one-half of one share purchase warrant with each whole warrant (a “Warrant”) entitling the holder to acquire one common share of the Company at an exercise price of $0.075 for a period of 36 months. All securities to be issued are subject to a hold period of four months and one day from the date of closing.
If the share price on the TSX Venture Exchange is greater than $0.15 per share for a period of 10 consecutive trading days, the Company may elect to accelerate the expiry date of all or part of the Warrants, at any date that is four months and one day after the Closing Date, by giving notice thereof to the holders of the Warrants. In such case, that portion of the Warrants would be subject to an expiry date that is 30 business days after the date on which such notice is given.
A first tranche of the private placement has been completed with a total of 7,910,000 units being issued. Securities issued under this tranche are subject to a hold period expiring October 6, 2020 in accordance with applicable securities laws as well as the policies of the TSX Venture Exchange. A finder’s fee of $7,240 and 144,800 broker warrants was paid to Canaccord Genuity Corp., with each broker warrant entitling the holder to acquire one common share of the Company at a price of $0.075 until June 5, 2023.
Proceeds of the financing will be used toward exploration as the Company's Stu Copper-Gold project in Canada’s Yukon Territory, and for general corporate purposes.
Tim Johnson, President & CEO, stated, "We are very pleased with the level of interest and support we received for this financing and look forward to putting these funds to work in developing our Stu Copper-Gold project. The Company anticipates making further announcements about our exploration plans and other important corporate initiatives in the coming weeks.”
Canadian Mining Symposium
Granite Creek is also pleased to announce that the Company, along with Metallic Group peers, Metallic Minerals and Group Ten Metals, will be participating in next week's Canadian Mining Symposium, along with some of the most prominent names in the mining industry. To view details of the event, Metallic Group companies’ presentation schedule and for free registration, use its websites.
Fiscal Year End
The Company will be changing its fiscal year-end to May 31, from its current fiscal year-end of July 31. The notice for the year-end change required under National Instrument 51-102 has been filed under the Company’s profile at www.sedar.com.
The Company believes this change of year-end will facilitate efficiencies in the administration, accounting and production of the annual audited financial statements.
As a result, the Company will report audited financial results for a ten-month transitional fiscal year from August 1, 2019 to May 31, 2020 with a comparative of twelve-month audited financial statements from August 1, 2018 to May 31, 2019. Afterwards, Granite Creek will revert to a customary quarterly reporting calendar based on a May 31st financial year-end, with fiscal quarters ending on the last day in August, November, February and May each year.”
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 100%-owned Stu Copper-Gold project located in the Yukon’s Minto Copper District. This 115 square kilometer property is on trend with Pembridge Resources’ high-grade Minto copper-gold mine to the north, and Copper North’s advanced stage Carmacks copper-gold-silver project to the south. The project has excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 kilometers. More information about Granite Creek and the Stu Copper-Gold Project can be viewed on the Company’s website at www.gcxcopper.com.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of platinum and palladium, silver and copper. Member companies include Granite Creek Copper in the Yukon’s Minto copper-gold district, Metallic Minerals in the Yukon’s Keno Hill silver district, and Group Ten Metals in the Stillwater PGM-Ni-Cu district in Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers and are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven historic mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
FOR FURTHER INFORMATION PLEASE CONTACT:
President & CEO
Telephone: +1-604-235 1982
Toll Free: +1-888-361 3494
Metallic Group: www.metallicgroup.ca