Algo Grande Copper raises $4.79M in private placement

Algo Grande Copper Corp. (TSXV: ALGR)(OTCID: ALGRF)(FRA: KM00) has closed a non-brokered private placement, issuing 7,977,497 common shares at $0.60 per share for gross proceeds of $4,786,498, according to a company statement.

The proceeds are designated for drilling and exploration at the company's 100%-owned Adelita Project in Sonora, Mexico, as well as for operating costs and general working capital.

In connection with the offering, the company paid aggregate cash commissions of $104,020 to eligible finders and issued 238,950 finder warrants, each exercisable at $0.60 per share for two years from issuance.

Company insiders participated in the offering, subscribing for 123,333 shares for aggregate gross proceeds of $73,998. The company said this participation constitutes a related-party transaction under Multilateral Instrument 61-101, and that it is relying on exemptions from valuation and minority shareholder approval requirements because the insiders' participation does not exceed 25% of the company's market capitalization.

Securities issued in the offering are subject to a four-month hold period under applicable securities laws.

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