Cerro de Pasco Resources Inc. announced a private placement of 15,450,000 subscription receipts at a price of CAD 0.10 per unit for the gross proceeds of CAD 1,545,000 on March 22, 2024. Upon the satisfaction of the release conditions, each subscription receipt will automatically be converted into a unit of the corporation. In connection with the completion of the Offering, the Corporation expects to pay finder?s fees in an aggregate amount of CAD 21,000 and issue a total of 210,000 Warrants to arm?s length third parties who assisted the Corporation by introducing subscribers to the Offering. All securities issued in connection with the Offering are subject to a statutory hold period in accordance with applicable securities laws, expiring four-month-and-one-day from the issue date of the Subscription Receipts. The transaction is expected to close by the end of this month.
On the same day the company announced that the company has raised CAD 1,000,000 in its first tranche closing.