VANCOUVER, May 4, 2023 - Majuba Hill Copper Corp. (CSE:JUBA (OTC:JUBAF) (FWB:4NP) ("Majuba Hill Copper" or the "Company") is pleased to announce that further to its news release dated April 24, 2023, the Company has closed its oversubscribed non-brokered private placement raising gross proceeds of $1,522,500 (the "Private Placement").
The Company has allotted and issued 10,150,000 Units (the "Units") at $0.15 per Unit with each Unit comprising one common share ("Share") in the capital of the Company and one share purchase warrant ("Warrant"), whereby each Warrant shall be convertible into an additional Share at an exercise price of $0.40 for a period of 12 months from the date of issuance.
In the event that the Company's common shares trade at a closing price at or greater than $0.60 per share for a period of five (5) consecutive trading days, the Company may accelerate the expiry date of the warrants by giving notice to the holders thereof, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the Company.
All securities issued in connection with the Private Placement are subject to a four month and a day hold period expiring on September 4, 2023, in accordance with applicable Canadian Securities Laws.
Proceeds from the Private Placement will be used on exploring its Majuba Hill Property and Ruby Hollow Property and general working capital.
About Majuba Hill Copper Corp.
Majuba Hill Copper Corp. is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.
The flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Majuba Hill Copper Corp.
David C. Greenway
President & CEO
For further information, please contact:
VP of Corporate Communications
P: 1 (855) 475-0745
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Majuba Hill Copper Corp. 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 may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Majuba Hill Copper Corp. management on the date the statements are made. Except as required by law, Majuba Hill Copper Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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