Coppernico Metals Inc. Completes $19.37 Million Financing Deal

VANCOUVER, BC, May 16, 2024 – Coppernico Metals Inc. announces the closure of a $19.37 million private placement financing, which includes a substantial $8.77 million strategic investment from Teck Resources Limited. The financing was divided between non-brokered and brokered sections, issuing a total of 38,750,580 units at $0.50 per unit.

Each unit includes one common share, one-half of a share purchase warrant, and one special warrant. Notably, the warrants are exercisable at $0.75 per share until May 2026, with provisions for early expiry dependent on stock price performance. Teck's acquisition positions them with a 9.9% stake in Coppernico, potentially escalating to 14.67% depending on the completion of certain conditions including stock exchange listings.

Proceeds from this funding are earmarked for exploration of the Sombrero Main target in Southern Peru, indicating a promising advancement in Coppernico's primary copper-gold exploration projects. The sale is accompanied by a four-month hold period, with additional restrictions applying specifically to Teck's shares and warrants.

This strategic investment by Teck underscores the potential of Coppernico's exploration initiatives, providing critical funding to propel the company's project developments, while enhancing shareholder value and upholding commitments to local Peruvian communities through sustained job creation and sponsorships.