Tribeca Resources Closes Upsized C$6.5 Million Non-Brokered Private Placement Offering

Core Viewpoint - Tribeca Resources Corporation successfully closed a non-brokered private placement offering, raising approximately $6.49 million by issuing 30,903,183 units at a price of $0.21 per unit, indicating strong investor interest and support for the company's growth strategy in copper exploration assets in Chile [1][2]. Financing Details - The offering consisted of units, each comprising one common share and one-half of a common share purchase warrant, with warrants exercisable at $0.30 within the first year and $0.40 in the second year [2]. - The total gross proceeds from the offering amounted to $6,489,668.43 [1]. Use of Proceeds - The proceeds will primarily fund the La Higuera IOCG project, with additional allocations for initial exploration and drilling at the Jiguata Project [4][5]. - Estimated allocation of funds includes: - $1,868,000 for La Higuera Project exploration - $1,573,000 for Jiguata Project exploration - $1,331,000 for follow-up drilling at both projects - $181,000 for business development - $894,000 for general and administrative expenses - $382,000 for unallocated working capital - Total estimated allocation: $6,229,000 [5]. Regulatory and Insider Participation - The offering was conducted under the listed issuer financing exemption, meaning the securities are not subject to a hold period under Canadian securities laws [3]. - Certain insiders subscribed for approximately $936,046 worth of units, qualifying as a related party transaction, but no new insiders or changes in control occurred as a result [10]. Company Overview - Tribeca Resources focuses on copper exploration in northern Chile, aiming to develop a portfolio of mid to advanced-stage copper projects [12][13]. - The flagship property, La Higuera Project, spans 4,147 hectares and is located in the Chilean Coastal IOCG Belt [14].