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Cerro de Pasco Resources Announces Private Placement of up to $15 Million

MONTREAL, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE:CDPR) (OTCPK: GPPRF) (FRA: N8HP) ("CDPR" or the "Corporation") is pleased to announce a best efforts private placement, led by SCP Resource Finance LP, on behalf of itself and a syndicate of agents (hereinafter referred to collectively as the "Agents"), of up to to 33,333,333 units of the Corporation (each, a "Unit") at a price of $0.30 per Unit (the "Offering Price") for gross proceeds of up to $10,000,000 (the "LIFE Offering"), on a private placement basis, pursuant to the Listed Issuer Financing Exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions ("NI 45-106").

In addition to the Units offered in connection with the LIFE Offering, the Corporation is also offering up to 16,666,667 Units at the Offering Price by way of a concurrent brokered private placement to certain purchasers (i) pursuant to applicable exemptions under NI 45-106, (ii) purchasers resident in the United States pursuant to one or more available exemptions from the registration requirements of the U.S. Securities Act, and (iii) purchasers outside of Canada and the United States on a basis which does not require the qualification or registration of any of the Corporation's securities and the Corporation to be subject to any ongoing disclosure requirements, under domestic or foreign securities laws, for additional gross proceeds to the Corporation of up to $5,000,000 (the "Concurrent Private Placement").

Each Unit will consist of (i) one common share in the capital of the Corporation (a "Common Share"), and (ii) one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle its holder to acquire one additional Common Share (a "Warrant Share") at a price of $0.50 for a period of 24 months following the Closing Date (as defined herein).

The Agents will act as agent on a "best-efforts" agency basis in connection with the LIFE Offering and the Concurrent Private Placement.

The Agents have an option (the "Agents' Option") to increase the size of the Concurrent Private Placement by up to $2,250,000 by giving written notice of the exercise of the Agent's Option, or a part thereof, to the Corporation at any time up to three business days prior to the Closing Date (as defined herein).

The Corporation intends to use the net proceeds raised from the LIFE ...