Vancouver-based Curis Resources Ltd., a mineral development and exploration company associated with Hunter Dickinson Inc., has raised $6 million in funding from Sino-Canada Natural Resources Fund I and Sino Canada Zheshang Mining Investment. Curis Resources is currently focused on its Florence copper project in Arizona. The Sino-Canada fund, which is managed by CapitalAsia, makes private equity investments in Canadian resource companies.
Curis Resources Ltd. (“Curis” or the “Company”) (TSX:CUV) announces that it has arranged a $6 million non-brokered private placement financing, pursuant to which Curis will issue 6,818,182 common shares in the capital of Curis (“Shares”) at a price of $0.88 per Share, in equal portions to two unrelated subscribers, Sino-Canada Natural Resources Fund I and Sino Canada Zheshang Mining Investment Limited.
“The financing has been arranged at a premium to current market prices at a time when many companies in the mining industry are having significant challenges raising capital,” commented Michael McPhie, President and CEO of Curis. “This investment is a strong indication of support and confidence in the management and future prospects of Curis and our flagship Florence Copper project. The funding provides Curis with additional resources to advance Florence Copper through the final stage of project permitting for our first phase of development as well as working capital to support the ongoing growth and development of the Company.”
“This investment matches our fund’s investment strategy in Canada’s natural resources sector,” indicated Thomas Lau, Managing Partner of Sino-Canada Natural Resources Fund I. “The Sino-Canada Natural Resources Fund will keep supporting Curis to reach commercial production in the near term.”
Proceeds from the private placement will be used to advance the development of the Company’s flagship in-situ copper recovery project in Florence, Arizona and for general working capital. A finder’s fee is payable in cash to an arm’s length party based on the gross proceeds of the private placement. The private placement is subject to the final approval of the Toronto Stock Exchange.
Curis Resources Ltd. is a mineral development company associated with Hunter Dickinson Inc., a diversified global mining company with a 25-year history of mineral development success. Curis is focused on the acquisition, development and operation of high-quality next-generation copper properties in progressive jurisdictions around the world. It is currently focused on advancing its 100% owned Florence Copper Project in Arizona, USA to near-term production.
About Sino-Canada Natural Resources Fund I
Sino-Canada Natural Resources Fund I is a private equity fund focused on investments in Canadian listed and private companies that develop and operate natural resource projects (mining, oil & gas, forestry) worldwide. Sino-Canada Fund is managed in Hong Kong on behalf of private and institutional investors from China.
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President & CEO
No regulatory authority has approved or disapproved of the information contained in this news release.
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary environmental, land use and other permits, approvals, licenses and title on a timely basis and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, the final outcome of any lawsuits, the continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedar.com.
SOURCE: Curis Resources Ltd.
Manager, Investor Relations
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