Arizona Sonoran Copper Company Inc., an emerging US-based copper developer and near-term producer, is pleased to announce that it has closed a non-brokered private placement financing in respect of Nuton LLC Nuton exercising its pre-emptive rights under its Investor Rights Agreement as defined herein the Private Placement.
According to the terms of the investor rights agreement dated May 13, 2022 and as assigned to Nuton on February 9, 2023 the Investor Rights Agreement,Nuton elected to exercise its pre-emptive rights in respect of the Company’s C$30,000,000 bought deal public offering see PR dated Feb 16, 2023 in order to maintain its 7.2% ownership interest in the Company.
Under applicable Canadian securities laws, the Common Shares issued in the Private Placement are subject to a statutory hold period that expires on August 1, 2023. The final approval of the Toronto Stock Exchange is required for the Private Placement.
Nuton provides a portfolio of proprietary copper leach-related technologies and capabilities developed by Rio Tinto to deliver increased copper recovery from primary sulphide material while also delivering industry-leading environmental performance. Nuton is currently conducting column leach tests on mineralized material from the Cactus and Parks/Salyer projects, including primary sulphides.
ASCU’s goal is to become a mid-tier copper producer with low operating costs, as well as to develop the Cactus and Parks/Salyer Projects, which have the potential to generate strong returns for investors while also providing a long-term sustainable and responsible operation for the community and all stakeholders.
The Cactus Project (former ASARCO, Sacaton mine) is located on private land in an infrastructure-rich area of Arizona and is the Company’s primary asset. The Company’s 100%-owned Parks/Salyer deposit is adjacent to the Cactus Project and could allow for a phased expansion of the Cactus Mine once it becomes a producing asset.
The Company is led by an executive management team and a Board of Directors with a long track record of successful project delivery in North America, which is supplemented by.