October 14, 2024 2:17 PM EDT | Source: CopperEx Resources Corporation
In Vancouver, British Columbia, CopperEx Resources Corp. (TSXV: CUEX) has announced that it has engaged in a loan agreement with an arm’s length private lender for a US$12.5 million unsecured loan to advance its mineral projects in Chile and Peru. The loan, which has a ten-year term, will accrue interest at a rate of 3.5% per annum. The first two years will not accrue any interest, with a moratorium year following in which interest will accrue but not be paid.
The company has the option to convert the loan into equity by providing formal notice to the lender, though this is not currently being considered. Additionally, CopperEx is planning a non-brokered private placement to raise $1,000,000 through the sale of units consisting of common shares and share purchase warrants. The proceeds will be used for exploration activities and general working capital.
Directors and officers of the company may participate in the private placement, which would be considered a related party transaction. The financing is subject to approval by the TSX Venture Exchange and all securities issued will be subject to a four-month hold period under Canadian securities laws.
This offering is not an offer to sell securities in the United States and the securities have not been registered under the U.S. Securities Act of 1933. For more information about CopperEx and its projects, visit the company’s website or contact them via email.
About CopperEx Resources Corp.
CopperEx is an exploration company focusing on copper and gold with projects in Chile and Peru, near existing mines. Their flagship property, Exploradora Norte in Northern Chile, has multiple drill-ready targets. The company also owns other properties with no attached royalties and is looking to advance exploration at the Franja del Oro Target at Exploradora Norte.
Strategic alliances have been formed with the Discovery Group based in Vancouver, Canada. The TSX Venture Exchange and its Regulation Services Provider have not reviewed or accepted responsibility for the adequacy or accuracy of this release.
Forward-Looking Information.
This press release contains forward-looking statements regarding the company’s exploration plans and should be considered in the context of inherent assumptions, risks, and uncertainties. Actual results may differ from anticipated results due to various factors, assumptions, and market conditions.
For the original source of this press release, visit https://www.newsfilecorp.com/release/226611
