Financing for Red Canyon Experiences Over-subscription, with Key Strategic Investors leading the charge
Red Canyon Resources Ltd., a geoscience-driven mineral exploration company, has announced significant developments in its operations. The company has completed a non-brokered charity flow-through private placement and secured a strategic investment calculator from Teck Resources Limited.
The charity flow-through private placement saw the issuance of 8,525,295 Charity Flow-Through Common Shares at $0.272 each, raising gross proceeds of $2,318,880. Notably, Teck, a leading mining company, represented $1,714,108 of the gross proceeds through its fidelity investments.
Red Canyon is pleased to welcome Teck as a new strategic investor. Under the terms of the investment calculator, Teck Resources Limited acquired a 9.9% equity interest in the company through the purchase of 6,301,868 common shares. In connection with this participation, the Company entered into an investment calculator Agreement with Teck.
The proceeds from the Charity FT Offering will be used for eligible Canadian exploration expenses related to the Kendal project and other projects in British Columbia. This investment calculator will bolster Red Canyon's exploration efforts and contribute to the advancement of its portfolio of 100% owned copper and copper-gold porphyry exploration projects.
It's important to note that the forward-looking statements in this news release include plans for the use of proceeds from the Charity FT Offering and future exploration and development plans. As with all exploration and development projects, there is a risk that actual results and timing may differ from those expected by management.
Red Canyon's technical team consists of experienced geoscientists with diverse capital market, small cap, and major mining company backgrounds. The company is part of the NewQuest Capital Group.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this press release. The institution that purchased shares in Red Canyon Resources Ltd. and participated in the Charity Flow-Through Private Placement was Canaccord Genuity Corp.
The securities issued in the charity flow-through private placement are restricted from trading until January 19, 2026. The Company expressly disclaims any intention or obligation to update forward-looking statements, except as otherwise required by law.
For further information, please contact Wendell Zerb, Chairman and CEO, or Brennan Zerb, Investor Relations Manager. You can also visit the Company's website at www.redcanyonresources.com for more details.
Red Canyon Resources is committed to exploring North America's top copper jurisdictions and is looking forward to the opportunities that this strategic investment calculator brings. The company has two projects subject to option earn-in agreements, and the Charity FT Offering was facilitated by PearTree Securities Inc., who did not receive any fees or commissions from the Company.
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