Culpeo Minerals Limited (ASX: CPO) has entered into an At-the-Market Subscription Agreement (ATM) with Acuity Capital.
The ATM provides Culpeo with up to A$3 million of standby equity capital over the coming 25 months and gives the company significant flexibility of terms and of timing for financing of its exploration activities at its highly prospective copper project portfolio in Chile.
Importantly, Culpeo retains full control of all aspects of the subscription process, having sole discretion including, among other things, whether to utilise the ATM, the maximum number of shares to be issued, the minimum issue price of shares and the timing of each subscription (if any).
There is no obligation for Culpeo to utilise the ATM and Culpeo may terminate the ATM at any time, without cost or penalty. Acuity Capital and the ATM do not place any restrictions at any time on Culpeo raising capital through other methods.
If Culpeo does decide to utilise the ATM, Culpeo is able to set a price floor (at its sole discretion), with the final issue price being calculated as the greater of the nominated floor price and up to a 10% discount to a Volume Weighted Average Price (VWAP) over a period of Culpeo’s choosing (again at its sole discretion).
“We have established the ATM facility to provide Culpeo with flexibility and an additional method of funding our exploration activities in Chile, which have gained significant market attention. We see the ATM as part of a mix of funding methods that will provide an efficient and optimised blend for the benefit of all shareholders of the company,” Managing Director, Max Tuesley, said.
For further information please visit: https://www.culpeominerals.com.au/
