Granite Creek Copper Closes $1.5 Million Private Placement Financing

VANCOUVER, BC / ACCESSWIRE / March 22, 2024 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) ("Granite Creek" or the "Company") announces the completion of the previously announced private placement offering for aggregate gross proceeds of $1,500,000, through the issuance of a total of 37,500,000 units at $0.04 per unit (see news release dated March 7, 2024).

Each unit consisted of one common share of the Company (a "Share") and one share purchase warrant, entitling the holder to acquire one common share of the Company at an exercise price of $0.07 for a period of 24 months following the closing date of the private placement (the "Closing Date").

The Shares are subject to a hold period of four months and one day from issuance, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The private placement remains subject to the final approval of the TSX Venture Exchange.

In connection with the private placement, Granite Creek has paid commissions to eligible parties totaling $40,740.00 and issued 1,018,500 finder's warrants. Each finder's warrant is exercisable into one Share of the Company at exercise price of $0.07 for 24 months from the date of closing of the private placement.

​The net proceeds from the private placement are expected to be fully used for working capital.

Officers and Directors of the Company subscribed for a total of 2,125,000 units of the private placement. Participation of Officers and Directors of Granite Creek in the private placement is considered a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities to be distributed in the private placement nor the consideration to be received for those securities, in so far as the private placement involves insiders, exceeds 25% of the Company's market capitalization.