Assore International strategic investment in Marimaca Copper Project

On July 16, 2024, Marimaca Copper Corp. (“Marimaca”) and Assore International Holdings Limited (“AIH”) announced a C$68 million strategic equity investment by AIH in Marimaca.

The strategic investment consists of

• the acquisition of 9,417,210 common shares of Marimaca by AIH at a price of C$4.50 per common share from Ndovu Capital XIV B.V., an affiliate of Tembo Capital Mining GP Limited, (collectively, “Tembo Capital”), for gross proceeds to Tembo Capital of C$42,377,445; and
• the issuance of 5,725,000 units by Marimaca to AIH by way of a non-brokered private placement, for gross proceeds of C$25,762,500.

Each unit, under the non-brokered private placement, consists of one common share and one half of one common share purchase warrant at a price of C$4.50 per unit. Each warrant will entitle AIH to purchase one additional common share at an exercise price of C$5.85 for a period of 18 months following the closing of the non-brokered private placement.

Proceeds from the non-brokered private placement, in combination with the proceeds from a separate C$4,500,000 private placement by another investor (on the same terms), will be used to advance the development of the Marimaca Copper Project located in the Antofagasta region, Chile, and for exploration work programs at key targets within the Marimaca’s regional land package, including the Sierra de Medina property block.

Closing of both strategic equity investments was announced on August 7, 2024.

Further information can be found on Globe Newswire’s website.

Marimaca Copper is a Canadian exploration and development company focused on developing the Marimaca Project, an oxide, open-pit, heap leach copper project located in the Antofagasta region of northern Chile.

AIH, formed in 2020, is a UK-based subsidiary of Assore Holdings (Pty) Limited, the apex company of the Assore Group, a South-African based privately-held global, diversified, mining investor, marketer and operator.