Arizona Sonoran closes private placement with Nuton LLC, a Rio Tinto Venture

Torys acted as Canadian counsel to Nuton with a team led by Michael Pickersgill that included Carly Klinkhoff and James Flynn (corporate/securities).

On April 4, 2023, Arizona Sonoran Copper Company Inc. (“ASCU”) announced the closing of a previously announced non-brokered private placement financing with Nuton LLC (“Nuton”), a 7.2% shareholder of ASCU.

Pursuant to the terms of an investor rights agreement dated May 13, 2022, Nuton elected to exercise its pre-emptive rights, in connection with ASCU’s C$30,000,000 bought deal public offering, to maintain its 7.2% ownership interest. Accordingly, Nuton subscribed for 1,229,140 common shares of ASCU at a price of C$2.00 per common share for aggregate gross proceeds to ASCU of C$2,458,280.

Further information can be found on Arizona Sonoran’s website.

Arizona Sonoran Copper Company is an emerging US-based copper developer and near-term producer. Its objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer Projects.

Nuton offers a portfolio of proprietary copper leach related technologies and capability developed by Rio Tinto to deliver increased copper recovery from primary sulphide material and leading environmental performance.