Coppernico Metals Inc. announced that it has signed a non-binding term sheet on best efforts basis for issuance of 30,000,000 units at a price of CAD 0.50 per unit for gross proceeds of CAD 15,000,000 on May 2, 2024. Each unit will consist of one common share and one half of a share purchase warrant. Each warrant will be exercisable to acquire an additional share at a price of CAD 0.75 for a period of two years from completion of the offering.

If the closing price of the shares on a recognized stock exchange, if and when the shares are listed, meets or exceeds CAD 1.25 for 20 out of any 30 consecutive trading days ending at least four months after the closing, the company may accelerate the expiry date of the warrants to a date that is not less than 30 days from the date when such notice is given. The transaction included participation from new investor Minerco, Inc. for an equity stake of 9.9%. The shares and warrants issued in the offering will be subject to a statutory hold period of four-months plus one day.

The closing is expected to be on or about May 15, 2024 and is subject to execution of a definitive agreement with MinerCo, completing the balance of the minimum Offering and customary Closing deliveries. The offering size may be increased by up to 40% in which case the value received from MinerCo for the 9.9% investment would correspondingly increase.