CASA GRANDE, Ariz. & TORONTO, November 13, 2024–(BUSINESS WIRE)–Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) an emerging US-based copper developer and near-term producer, is pleased to announce that further to its news release dated October 9, 2024, it has closed a non-brokered private placement financing in respect of the exercise by Nuton LLC (“Nuton”), a Rio Tinto Venture, of its pre-emptive rights under its Investor Rights Agreement (as defined herein) (the “Private Placement”).ASCU President and CEO, George Ogilvie commented, “The ongoing support from our partner Rio Tinto’s Nuton, is a testament to the quality of the asset. We look forward to advancing workstreams with Nuton to test the expansion of the primary sulphides at Cactus West and the metallurgical leaching program; we are working together towards a highly accretive potential partnership. Tembo has elected to not exercise its preemptive rights and consequently will remain at a 24% ownership of ASCU. We thank the Tembo team for their ongoing support of the Company.”Pursuant 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$34,517,250 upsized bought deal public offering (see PR dated October 9, 2024) to maintain a 7.2% ownership interest in the Company. Accordingly, Nuton subscribed for 2,151,259 common shares of the Company (the “Common Shares”) at a price of C$1.45 per Common Share for aggregate gross proceeds to the Company of C$3,119,326.The Common Shares issued under the Private Placement are subject to a statutory hold period under applicable Canadian securities laws, expiring four months after closing the transaction. The Private Placement is subject to the final approval of the Toronto Stock Exchange.To provide sufficient time to complete the pe …
See the full article on Arizona zoning regulations, or, read more Arizona real estate investing news. It’s up to you!