American Copper Development Corporation Closes Private Placement

Core Points - American Copper Development Corporation has closed a non-brokered private placement consisting of 5,405,763 units at a price of CAD$0.225 per unit, raising aggregate gross proceeds of CAD$1,216,296.74 [1] - Each unit consists of one common share and one transferable share purchase warrant, with each warrant exercisable at CAD$0.30 for a period of 18 months [1] - The proceeds from the private placement will be used for general working capital purposes [4] Group 1 - The company issued 303,334 units to directors and officers, raising gross proceeds of CAD$68,250.15, which constitutes a related party transaction [3] - The issuance to insiders is exempt from certain requirements under Multilateral Instrument 61-101 due to the fair market value of the consideration not exceeding 25% of the company's market capitalization [3] - All securities issued will be subject to a statutory hold period of four months and one day, along with a voluntary lock-up where one-third of the securities will be released every six months [4] Group 2 - The company is engaged in mineral exploration and the acquisition of mineral property assets, focusing on developing economic precious and base metal properties [5]