Vancouver, British Columbia--(Newsfile Corp. - January 24, 2022) - CAVU Mining Corp. (CSE: CAVU) (OTCQB: CAVVF) (FSE: 8NQ) ("CAVU" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement offering on an oversubscribed basis for gross proceeds of $3,500,000.
The closing consisted of the issuance of 8,750,000 units ("Units") at a price of $0.40 per Unit (the "Offering"). Each Unit consists of one common share of the Company (each, a "Unit Share") and one whole common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of C$0.60 for a period of 24 months following the closing date of the Offering.
The Company has agreed to pay cash finder fees in the aggregate of $81,025 and issued an aggregate of 202,563 finders' warrants, exercisable for two years at $0.60.
The net proceeds from the sale of Units will be used to fund the exploration of the Company's portfolio projects, for investor relations and digital marketing, and for general working capital purposes. In accordance with applicable securities laws, the securities issued under the Offering will be subject to a four-month and one day statutory hold period expiring on May 22, 2022.
Insiders of the Company subscribed for 25,000 Units. As such, this participation constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the insiders nor the consideration for the Units paid by such insiders, exceed 25% of the Company's market capitalization.
The Company also announces it has issued 1,325,000 stock options with a term of three years and strike price of $0.47.
About CAVU Mining Corp.
CAVU Mining Corp. is a junior mining company engaged in the acquisition, exploration and development of mineral projects containing metals used in green technologies and the renewable energy sector. The Company is currently focused on the exploration of its Hopper Copper-Gold Project in Yukon and continues to evaluate complimentary mineral projects in mining-friendly jurisdictions.
ON BEHALF OF THE BOARD OF DIRECTORS
Dr. Jaap Verbaas, P.Geo.
CEO and Director
CAVU Mining Corp.
The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission and the Ontario Securities Commission.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
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